The first basic term that I will target in this post is 'Fraud'. What does it exactly mean? Fraud is basically an act commited with the intention of deceiving others for selfish illegal gains, mostly monetary. This ultimately results in victim's suffering and emotional imbalance. This is a general significance of fraud. Now, lets focus on a more specific concept close to our today's topic 'Fraud in corporate sector'. In corporate sector, fraud is a big growing business which is increasing every year. Wikipedia describes fraud more effectively. According to it, Fraud involves one or more persons who act secretly to deprive another of something of valve, for their personal benefits.
After the financial meltdown, the financial industry is going through competition. Banks are using all the possible ways to increase the number of customers for surviving the competition. Thus, bank account softwares, credit card applications and transactions are increasing tremendously. As a result, the count of fraud applications and transactions is also increasing on a huge scale. Also, technology has emerged to a great extent giving rise to new payment methods like prepaid credit cards, e-payments, mobile payments. Obviously, these new methods also increases the scope of fraudulence along with the convenience.
(source: veritascorp)
According to a reliable source,8 billion USD are lost in credit card frauds per year. this is just about the credit card frauds. the estimation of total fraud losses is over 30 billion USD per year. Thus, demand for fraud detection and prevention solutions is increasing. Along with detecting and preventing frauds, these solutions also bring more transparency in the organisation.
According to the Marketsandmarkets, the fraud detection and prevention market is estimated to grow from $3.61 billion in 2013 to $7.55 billion by 2018. This represents a Compound Annual growth Rate (CAGR) of 15.9% from 2013 to 2018. For more information about the market, click on the link below:-
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