KUALA LUMPUR, Jan 17 (Bernama) -- Global software spend on financial crime prevention tools will exceed US$28.7 billion by 2027, based on a new study by Juniper Research. (US$1=RM4.319)
In a statement, Juniper Research said the growth of 30 per cent, an increase from US$22.1 billion in 2023 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, Know Your Customer (KYC) and Know Your Business (KYB) procedures, as well as behavioural analytics to mitigate risk of financial crime,” it said.
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; thus providing extensive analysis of the competitive landscape in this dynamic market.
The top three vendors according to its Competitor Leaderboard are FICO, LexisNexis Risk Solutions and Verafin.
FICO demonstrates a broad set of capabilities, access to high-value data for crime mitigation and impressive artificial intelligence (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,” said its research co-author Mélissa Amouny.
By 2027, the research predicted that fraud detection and KYC systems will account for 88 per cent of global financial crime prevention spend, enabling financial institutions to improve the mitigation of many common crime types, including account takeovers.
The report urged financial crime prevention tool vendors to use AI for intelligent verification system orchestration, enabling enterprises to adapt to increasingly complex cyberattacks, choosing the right verification capability for each scenario.
-- BERNAMA
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