BASINGSTOKE, England, Jan 17 (Bernama-BUSINESS WIRE) -- A new Juniper Research study found that global software spend on financial crime prevention tools will exceed $28.7 billion by 2027, increasing from $22.1 billion in 2023. It predicted this growth of 30% will be driven by cybercriminals’ strategies of targeting the ever-growing transaction volume of payments over digital channels to maximise financial gain.
Financial crime prevention software enables financial institutions and merchants to automate fraud detection monitoring, KYC (Know Your Customer) and KYB (Know Your Business) procedures, and behavioural analytics to mitigate risk of financial crime.· To find out more, see the new report: Financial Crime Prevention: Segment Analysis, Key Trends & Market Forecasts 2023-2027
· Download the free whitepaper: Leveraging Financial Crime Prevention in an Uncertain Economy
FICO Tops Juniper Research Competitor Leaderboard
The research assessed leading financial crime prevention software platforms and evaluated them on a number of criteria, including depth and breadth of offerings, service innovation and future prospects; providing an extensive analysis of the competitive landscape in this dynamic market.
The Competitor Leaderboard ranked the three leading vendors as follows:
1. FICO
2. LexisNexis Risk Solutions
3. Verafin
Research co-author Mélissa Amouny explained further: “FICO demonstrates a broad set of capabilities, access to high-value data for crime mitigation and impressive AI-based analytical systems within its product portfolio. Competing vendors must prioritise frequent platform updates to keep pace with rapid cybercriminal innovations and maximise their market share.”
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