Online fraud cases and financial losses register growth

Wednesday 12 November 2014 11:56 CET | News

With the number of fraud cases increasing, the major concern is that the losses caused by these incidents are also growing, a recent report shows.

According to a study by, industries having monetary transactions are the prime target of fraudsters. Banking, financial sector, insurance, and public sector are among such industries and hence demand for solutions is significantly high in these industries. Retail, telecommunications, manufacturing, transportation, real estate, healthcare and education are other industries where penetration is observed to be high.

Findings reveal that the rise in online transactions fraud attacks, cards-related fraud attemps and insurance claim fraud are the prime factors which are driving growth rates in banking and financial services, insurance, and retail sectors. Authentication would remain major revenue generating pocket but fraud analytics would be rising at higher growth rate. High growth rate in SMEs will drive the growth rates in region Asia-Pacific followed by Latin America.

Major challenges in this market include low awareness level of fraud possibilities in SMEs, high costs of deployments, and unavailability of pre deployment measures of performance. Though awareness level in SMEs is increasing and the impact of this factor will decrease in due course of time, the cost and pre deployment measures would remain the primary concern in the market.

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Keywords: online fraud, online security, online authentication, digital identity, online transactions fraud, banking, retail
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

Industry Events