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The global Fraud Hunters market is estimated to surpass $20 billion by 2028

Continual growth in occurrences of global frauds, scams and scandals fuels the obligatory requirement for Fraud Hunters

HYDERABAD, TELANGANA, INDIA, September 11, 2018 /EINPresswire.com/ -- Fraud, in its various forms, be it identity, online, individual or corporate frauds, results in financial losses of the various parties involved. In light of the recent identity data breach events involving Cambridge Analytica, there is growing concern towards preventing fraudulent activities, and in many cases hunting frauds and prevent further occurrence.

Fraud, whether its first-party fraud, where the victim is misrepresented by an individual on personal circumstances to secure credit or other financial services, or the more serious threat of fraudsters masquerading as someone else, continues to be a major cause for concern. The innovative and novel technologies implemented by several organizations is making them increasingly susceptible to various forms of frauds like phishing, identity theft, card skimming, vishing, SMSishing, viruses and trojans, spyware and adware, social engineering, website cloning and cyber stalking.

The internet is rapidly developing into a preferred mode for executing financial transactions—going through one’s account balance, putting in requests for bank statements and cheque books, upgrading debit cards and also, buying virtual goods. Such technological solutions expose customers as well as financial institutions to the risk of bank spoofing and hijacking of mobile phones. The importance of hunting frauds increases daily with regular occurrences of frauds through asset misappropriation.

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One of the principal challenges in the detection, investigation and prevention of employee frauds are the circumstances of many forms of fraud and larceny that require different methods for discovery. Timely fraud detection and hunting is vital for various financial institutions; failure to give this area proper attention brings financial, reputational, and punitive risks.

According to the Experian, various internet related activities among consumers replicate a prevalent embrace of digital commerce as a way to procure goods and services (90%) and execute transactions via personal banking (88%) in 2017. As big businesses undertake their own digital shifts in front and back office operations, they identify the significance of trust, and the necessity for technology to enable it. This will provide impetus for the need of fraud hunting. Also, according to the Experian, 75% of businesses want advanced authentication and security measures like fraud hunting that have little or no impact on the digital customer experience.

Businesses use a variety of fraud detection and prevention methods, but still rely on passwords as the top form of authentication around 52% in 2017 according to the Experian. Businesses are forever grappling with the tension between managing fraud and maintaining a positive customer experience. In most cases, the latter wins out, as evidenced by their willingness to accept higher fraud losses from authentication protocols that they concede might be deficient, but do not disrupt the user experience. While passwords, security questions and onetime passcodes are all among the top authentication methods used by businesses today, various opinions point out that they are not the most secure type of authentication for hunting and preventing frauds.

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Fraud is an ever-present and growing risk. For businesses working digitally, management of fraud risks is a subtle balancing action between fraud detection and the digital experience of the customer. While consumers currently tolerate friction to varying degrees in the interests of their own protection, the future state of E-Commerce can promise a frictionless customer experience that proves as secure, if not more secure, than their experience today. Certain businesses are finding it difficult to proactively implement advanced authentication methods that will accurately identify their customers, out of concern for disrupting the customer experience. Growth in usage of advanced authentication methods — such as device intelligence or behavioral biometrics — could help address hunting frauds without adding friction to the customer’s online experience.

What can you expect from the report?
The Fraud Hunters Market Report is Prepared with the Main Agenda to Cover the following 20 points:

1. Market Size by Product Categories
2. Market trends
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Demand Analysis ( By Revenue & Volume )
12. Country level Analysis (15+)
13. Competitor Analysis
14. Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Strategic Analysis
18. Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Revenue and Volume Analysis

Frequently Asked Questions:

Q. Does IndustryARC publish country, or application based reports in Fraud Hunters Market?
Response: Yes, we do have separate reports and database as mentioned below:

1. North America Fraud Hunters Market (2018-2023)
2. South America Fraud Hunters Market (2018-2023)
3. Europe Vertical Farming Market (2018-2023)
4. Asia Pacific Fraud Hunters Market (2018-2023)
5. Middle East and Africa Fraud Hunters Market (2018-2023)
6. Consumer Fraud Market in Fraud Hunters Market (2018-2023)
7. Government Fraud Hunters Market (2018-2023)

Q. Does IndustryARC provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization

1. Increase the level of data in application or end user industry.
2. Increase the number of countries in geography or product chapter.
3. Find out market shares for other smaller companies or companies which are of interest to you.
4. Company profiles can be requested based on your interest.
5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.

Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

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Media Contact:

Mr. Venkat Reddy
Sales Manager
Email: venkat@industryarc.com
Contact Sales: +1-614-588-8538 (Ext-101)

About IndustryARC:

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Distribution channels: Technology