Lucrative opportunities are being offered to the fraud detection and prevention market by the rising usage of the blockchain technology for supply chain management. Frauds are often not detected in the supply chain, as it is a complex chain of processes, involving the participation of various parts and personnel. As blockchain offers greater traceability and transparency, it allows companies to reduce the risk, which is why it would gain wide popularity in the coming years.

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The global fraud detection and prevention market is driven by the usage of artificial intelligence (AI) and machine learning (ML) for curbing fraudulent activities, primarily mobile frauds, and those in the banking, financial services, and insurance (BFSI) sector. The market was valued at $20,614.4 million in 2018, and is predicted to advance at a CAGR of 15.1% during the forecast period (2019–2024).

The key elements in the process are to identify the fraud risk, assess the likelihood of the risks, and take measures before any significant damage is done. The major advantage of blockchains are the difficulty in manipulation and cracking they pose. The fraud detection and prevention market is predicted to be dominated by Asia-Pacific (APAC) and North America, in 2024, with a 67.5% cumulative share.

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Across these regions, frauds of several types are increasing in occurrence, which is why firms are taking steps to stay protected, by detecting as well as preventing these. For example, Australian organizations are looking to improve their contextualization, accuracy, and detection speed. Similarly, the rapid digitization in India is resulting in heavy investments in artificial intelligence, robotics, biometrics, and machine learning.

Therefore, on account of the dire need to protect sensitive information from perpetrators, the market is predicted to witness considerable progress during the forecast period.