The fraud detection and prevention (FDP) market is expected to surpass $100 billion by 2027, as reported in a research study by Global Market Insights. The growing adoption of mobile phones and digital banking applications is proliferating the market growth.

The growing instances of cyberthreats and money laundering across sectors are driving the need for FDP solutions. The rapid digitalization across sectors, such as fintech, healthcare, etc., has increased the frequency of cyberattacks.