Current Trends in Fraud Prevention
As organizations continue to evolve their counter-fraud strategies, it’s estimated that over $63 billion will be spent on fraud detection and prevention solutions by 2023. This number continues growing because fraudster tactics and tools continue to evolve and become more sophisticated, requiring constant adaptation from fraud teams.
Here at Ping Identity, we recently polled fraud professionals across ecommerce and financial services businesses and discovered that the majority of the polled organizations are using between 4-8 fraud detection solutions.
And, while they were a minority in the poll, some even mentioned using ten or more sources of fraud and risk signals in their drive to improve fraud prevention. It is likely that due to the additive nature of fraud prevention, these numbers will continue to go up.