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Online Payment Fraud Detection Market is expected to touch US$ 25.1 Billion by the end of 2032, Report by Persistence Market Research

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New York, Feb. 28, 2023 (GLOBE NEWSWIRE) — As per a study by Persistence Market Research, from US$ 7 Billion in 2022 to US$ 25.1 Billion in 2032, the global Online Payment Fraud Detection Market is predicted to grow at a 13.6% CAGR from 2023 to 2032. The major factors that are expected to drive the growth of the online payment fraud detection market include increase in revenue loss due to fraud as well as the Adoption of digitalization and IoT, which have increased the adoption rate of fraud detection and prevention system. 

The increased use of online payment applications and mobile banking services has resulted in an increase in the number of bogus websites and mobile apps. Fake websites and online apps are on the rise in other industries, including retail and eCommerce, manufacturing, and healthcare. These websites and apps imitate real retail stores and home delivery services, luring clients into making fraudulent online transactions. Customers in the banking industry are increasingly using mobile applications for a variety of purposes, including online payment, statement review, complaint registration, and feedback.  

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Moreover, the widespread adoption of technologies including card-chip and new digital channels are emerging resulting in fraudsters becoming more adaptive and collaborative with the nature of financial fraud which is growing rapidly. Increasing internet penetration and digitization across emerging and undeveloped economies are propelling the growth of online payment fraud detection market across the globe. Hence financial institutions, merchants, and payment service providers are adopting the artificial intelligence (AI) technology for managing their online payment fraud incidents and reducing fraud losses, thereby enhancing the customer experience. 

Key Takeaways from the Market Study 

  • By component, online payment fraud detection solutions is expected to grow at a CAGR of 13.2% during the forecast period 
  • On the basis of deployment, cloud-based online payment fraud detection to experience a CAGR of 13.1% 
  • Online payment fraud detection market for the U.S is expected to be worth US$ 8.2 Billion by 2032 
  • China is expected to reach US $ 2 billion by 2032, growing at a CAGR of 13.1% until 2032 
  • Japan to have a market size  of US$ 1.6 billion by 2032  
  • U.K is expected to have a market size of US$ 1.1 Billion by 2032, with a CAGR of 12.6% 

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Competitive Landscape 

Major players such as ACI Worldwide, Experian,SecuroNix, Accertify, Feedzai, CaseWare, FRISS, MaxMind, Gurucul DataVisor, PayPal, Visa, SAS institute, SAP SE, Microsoft Corporation, F5, Inc., Ingenico AWS, PerimeterX, OneSpan, Signifyd, Cleafy, and Pondera Solutions, among others are expected to dominate the market share in terms of revenue.  

  • In April 2021, NICE Actimize launched SURVEIL-X, an AI-powered suitability and surveillance solution for the wealth and insurance sector. The solution developed on holistic surveillance platform called as SURVEIL-X. 
  • In February 2021, ClearSale LLC launched an e-commerce podcast to detect and mitigate fraud activities. The solution is developed to discuss challenges and emerging trends related to fraud across e-commerce and social media platforms during the ongoing COVID-19 pandemic. 
  • In November 2020, BAE Systems upgraded its NetReveal KYC/CDD, watch list screening, and anti-money laundering transaction monitoring, and filtering solutions services. 

 Find More Valuable Insights on Online Payment Fraud Detection Market 

Persistence Market Research (PMR) published a detailed study on the Online Payment Fraud Detection Market, which includes global industry analysis for 2015-2022 and forecasts for 2023-2032.

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The report provides an insightful analysis of the market concentration across five different regions, through three different segments – component, deployment, and vertical. The report titled – ‘Online Payment Fraud Detection’ deliberates current installed base, product usage in various applications from domestic to industrial, as well as prevailing trends and technologies. Along with this, detailed value chain analysis pertaining procurement and aftermarket services has been presented in the report. 

For additional insights on how growth of the Online Payment Fraud Detection Market will unfold over the next decade, write to the analyst at [email protected] 

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About the IT & Telecommunications Division at Persistence Market Research 

Expert analysis, actionable insights, and strategic recommendations – the IT & Telecommunications team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on IT & Telecommunications of which 100+ reports specific for IT & Telecommunications. The team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the IT & Telecommunications industry. 

Contact 

Rajendra Singh  
Persistence Market Research  
U.S. Sales Office: 
305 Broadway, 7th Floor 
New York City, NY 10007 
+1-646-568-7751 
United States 
USA – Canada Toll-Free: 800-961-0353 
Email: [email protected]  

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Computime announces the launch of one of the first true Matter thermostats

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HONG KONG, May 27, 2024 /PRNewswire/ — Computime Group, a leading innovator in manufacturing, branded products and technology solutions, is proud to announce the upcoming launch of one of the first true Matter thermostats. This milestone highlights our commitment to pioneering smart home technology and providing our OEM and ODM customers with state-of-the-art solutions. 

Matter is set to revolutionize the Internet of Things (IoT) landscape as the next-generation standard for connected devices. Developed by the Connectivity Standards Alliance, Matter offers an open, universal protocol that is not bound to any single ecosystem, providing consumers with unparalleled freedom and flexibility. It ensures privacy-sensitive, secure, and reliable local controls without the need for cloud dependency, addressing the growing demand for enhanced privacy and security in smart home devices. 
The key principles driving Matter’s development include simplicity, reliability, interoperability, and security. By ensuring that all Matter-certified devices work seamlessly together, Matter eliminates the complexities often associated with smart home technology. This leads to greater compatibility, easier setup, and more robust user experiences across various device types, including thermostats.
Computime’s Matter thermostat represents a significant advancement in smart home technology, providing our customers with cutting-edge solutions and a short lead time to market, to meet the growing demand for interconnected and efficient home environments. We invite our customers to explore the capabilities of our new thermostat solutions. Computime’s extensive expertise in developing and manufacturing smart home devices ensures that our customers receive high-quality, reliable products with a short lead-time that stand out in the competitive market.
CONTACT: Computime Group, [email protected]

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Artificial Intelligence

GVG featured on the 2024 Africa RegTech Horizon-100 list

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MADRID, May 27, 2024 /PRNewswire/ — Global Voice Group (GVG) now features as one of the top 100 Africa-focused innovative RegTech organizations that are set to power Africa to a $1 billion market size by 2025. 

This acknowledgment bears witness to GVG’s compliance monitoring capabilities within the Mobile Money (MM) ecosystem. GVG developed the Mobile Money Monitoring (M3) solution, an intelligent data platform that supports East African regulatory authorities in monitoring the fast-expanding MM market. Through M3, the authorities can ensure the security and integrity of the related financial transactions, as well as transparency and compliance, for enhanced revenue assurance. M3 currently monitors approximately 25% of the financial flows passing through MM platforms in East Africa, verifying over 90 billion USD worth of transactions annually.
Moreover, the platform is also in use in Central and West Africa, in the Republic of Congo and in Ghana. In Congo, M3 has brought the local telecommunications regulator, the ARPCE, 100% visibility and control over all utility payments made via Mobile Money to the government. In Ghana, it has contributed to an average annual growth of 20% in revenue since its deployment. Overall, M3 has captured, verified and analyzed 1 trillion USD in MM transaction value since 2014.
After demonstrating the relevance, effectiveness, and innovation of the M3 solution to the jury, composed of recognized leaders of the Regtech industry, GVG was shortlisted and, following the voting phase, earned a place on the prestigious list. The M3 platform uses machine learning to ensure effective oversight of the MM market, ensure regulatory compliance and detect suspicious transactions. Since its first implementation in 2013, GVG’s M3 solution has provided the relevant regulatory authorities with reliable MM ecosystem metrics to support data-driven decision-making, promote compliance within the market, and reduce fraud and revenue leakage.
Responding to the announcement, James Claude, GVG’s CEO, declared: “It is with a great sense of achievement that I see GVG featuring among the 100 top RegTech providers in Africa. On behalf of the whole company, I sincerely thank Africa RegTech Horizon, as well as our voters, for supporting us in what we do best: providing governments and regulatory authorities with the market insights they need to address the challenges related to the fast-expanding financial ecosystem.”
The Africa RegTech Horizon-100 list is a directory of African RegTech companies and solution providers compiled to showcase the products and services of the latter, as well as assist financial institutions, regulators, and governments in identifying high-performing and trustworthy RegTech providers.
About GVG
Founded in 1998 and present in 11 countries, Global Voice Group is a global provider of ICT and RegTech solutions for governments and regulatory bodies. GVG assists governments and authorities, through Big Data analytics, in their digital transformation and the effective promotion of compliant and truly inclusive digital ecosystems. The company monitors, collects and analyses data from crucial economic sectors and turns it into actionable information. We promote data-driven decision-making.
Discover GVG’s website: www.globalvoicegroup.com
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Artificial Intelligence

Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT

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HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.

Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
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