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Industry Landscape
The digital fraud prevention industry is experiencing rapid evolution, driven by the increasing sophistication of cyber threats and the widespread adoption of digital platforms. It is characterized by significant investment in AI/ML technologies, real-time detection, and device intelligence to combat evolving fraud tactics, maintaining high growth to protect digital economies.
Total Assets Under Management (AUM)
Fraud Detection and Prevention Market Size in Singapore
~Approximately 70-80 million USD (2023 estimate)
(15-20% CAGR)
Driven by;
- Increased digital transactions.
- Rise in sophisticated cyberattacks.
- Stricter regulatory compliance needs.
Total Addressable Market
700 million USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI for Threat Intelligence
Generative AI can rapidly synthesize vast amounts of threat data, predict novel attack vectors, and create realistic synthetic fraud scenarios for testing and training fraud prevention systems.
Decentralized Identity (DID) & Web3 Security
DID offers self-sovereign identity management, reducing reliance on centralized data stores and potentially mitigating certain types of identity fraud and account takeovers by shifting control to the user.
Homomorphic Encryption (HE) & Secure Multi-Party Computation (MPC)
These privacy-enhancing technologies allow for data processing and analysis without decrypting sensitive information, enabling collaborative fraud detection across organizations while maintaining data privacy and compliance.
Impactful Policy Frameworks
Payment Services Act (PS Act) 2019 (Singapore)
The PS Act 2019, enforced by the Monetary Authority of Singapore (MAS), provides a single licensing framework for various payment services, including digital payment token services, and imposes requirements related to anti-money laundering (AML), countering financing of terrorism (CFT), and cyber security.
This act mandates robust fraud detection and prevention measures for licensed entities, pushing businesses to invest in advanced solutions like SHIELD's to ensure compliance and avoid penalties.
Personal Data Protection Act (PDPA) 2012 (Singapore), updated 2021
Singapore's PDPA, updated in 2021, governs the collection, use, and disclosure of personal data by organizations, requiring consent, specifying data protection obligations, and introducing mandatory data breach notification.
Businesses must ensure their fraud prevention solutions comply with data privacy principles, emphasizing the need for privacy-secure methods like SHIELD's non-PII approach to avoid fines and reputational damage.
Technology Risk Management (TRM) Guidelines (MAS) 2021
The MAS TRM Guidelines (2021) set out enhanced expectations for financial institutions in managing technology risks, including cybersecurity, cloud services, and third-party risk management.
These guidelines drive financial sector clients to adopt comprehensive, real-time fraud and cyber risk management tools, directly increasing demand for sophisticated solutions like SHIELD's device intelligence.
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