Find stats on top websites
Industry Landscape
The fraud and risk management industry is rapidly evolving, driven by increasing digital transactions and sophisticated cyber threats. AI and ML are critical for real-time detection and prevention, moving beyond traditional rule-based systems. Regulatory compliance (AML/BSA) remains a major driver, with a growing demand for integrated, scalable solutions that enhance operational efficiency while maintaining customer experience. Focus is on proactive, adaptive defenses.
Total Assets Under Management (AUM)
Fraud Detection and Prevention Market Size in United States
~Approx. 13.5 Billion USD (2023)
(15-20% CAGR)
- Driven by increasing digital transactions.
- Rise of sophisticated fraud schemes.
- Growing regulatory pressure for financial institutions.
Total Addressable Market
13.5 Billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI for Fraud Prevention
Generative AI can create synthetic fraud scenarios to train models, anticipate new attack vectors, and simulate 'good' customer behavior for more robust anomaly detection.
Homomorphic Encryption (HE)
Homomorphic Encryption allows computations on encrypted data without decrypting it, enabling secure data collaboration and privacy-preserving fraud detection across institutions.
Explainable AI (XAI)
Explainable AI provides transparency into AI-driven fraud decisions, crucial for regulatory compliance, auditability, and building trust in automated systems.
Impactful Policy Frameworks
FinCEN's Beneficial Ownership Information (BOI) Rule (2024)
Effective January 1, 2024, most small and mid-sized companies in the US must report beneficial ownership information to FinCEN to combat illicit finance.
This policy increases the need for enhanced identity verification and Know Your Business (KYB) processes for financial institutions, directly impacting DataVisor's AML/KYB solutions.
Federal Reserve's FedNow Service (2023)
Launched in July 2023, FedNow is a new instant payment infrastructure that allows financial institutions to offer real-time payment services to their customers 24/7.
The acceleration of payment speeds increases the urgency for real-time fraud detection and prevention solutions to mitigate immediate fraud losses, a core offering of DataVisor.
CFPB Circular on Preventing Unfair, Deceptive, or Abusive Acts or Practices (UDAAPs) in Digital Advertising (2022)
Issued in August 2022, this CFPB circular clarifies that digital marketing practices for financial products can be UDAAPs, including those used to target vulnerable consumers.
While not direct fraud, this emphasizes the importance of responsible customer onboarding and marketing, which aligns with DataVisor's focus on safely onboarding 'good' customers and preventing policy abuse.
Transform Your Ideas into Action in Minutes with WaxWing
Sign up now and unleash the power of AI for your business growth
