Juniper Research: Fraud Detection & Prevention in Banking: LexisNexis Risk Solution and Mastercard Revealed as Leaders in New Competitor Leaderboard
June 17 2024 - 2:00AM
Business Wire
Transactional Fraud in Banking to Reach $48
billion Globally by 2029
A new study from Juniper Research, the foremost
experts in fintech and payments markets, has found the value of
fraudulent banking and money transfer transactions is anticipated
to increase 153% over the next five years; up from $19 billion in
2024. The use of AI by fraudsters is putting an additional strain
on banks. In turn, however, banks are becoming increasingly
sophisticated in their use of AI to combat this threat.
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Juniper Research Competitor Leaderboard:
Fraud Detection & Prevention in Banking Providers (Source:
Juniper Research)
Find out more about the new report: Global Fraud Detection &
Prevention in Banking Market 2024-2029, or download a free
sample.
Which Fraud Detection and Prevention Vendors Lead the Market
in 2024?
The new Competitor Leaderboard for fraud detection and
prevention in banking ranks the top 15 vendors by a number of
criteria such as the completeness of their solutions, geographical
spread, and future business prospects.
The leading 5 vendors for 2024 are:
- LexisNexis Risk Solutions
- Mastercard
- Visa
- ACI Worldwide
- Thales
Competitor Leaderboard Findings & Recommendations
The leading players scored particularly well on their level of
innovation and the breadth of their offerings. The report however
cautioned that to stay ahead, vendors must develop faster real-time
solutions which can better address scams, such as APP (Authorised
Push Payments) fraud.
Report author Cara Malone explained: “Instant payments mean
greater speed; lessening the time window banks have to intervene,
and limiting the effectiveness of traditional fraud detection
tools. Fraud detection & prevention vendors need to implement
AI to enable a shift to real-time risk scoring and prevention.”
About the Research Suite
The new research and data suite offers the most comprehensive
assessment of the fraud detection and prevention in banking to
date; providing critical analysis and five-year forecasts for over
60 countries. With over 24,000 market statistics included, the
suite also provides a ‘Competitor Leaderboard’ and an examination
of future market opportunities.
View the Fraud Detection & Prevention in Banking market
research:
https://www.juniperresearch.com/research/fintech-payments/fraud-identity/fraud-detection-prevention-banking-market-report/
Download the free sample:
https://www.juniperresearch.com/resources/whitepapers/whitepapersfraud-detection-in-banking-real-time-payments-real-time-issues/
Juniper Research has, for two decades, provided market
intelligence and advisory services to the global financial sector,
retained by many of the world’s leading banks, intermediaries and
providers.
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version on businesswire.com: https://www.businesswire.com/news/home/20240616035287/en/
Sam Smith, Press Relations T: +44(0)1256 830002 E:
sam.smith@juniperresearch.com