Technology NewsJuniper Research: Global Financial Crime Prevention Software Sales to...

Juniper Research: Global Financial Crime Prevention Software Sales to Exceed $28 Billion by 2027

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It is important for financial institutions to curb many common types of crime, including account takeovers.

Juniper Research new study Global software spending on financial crime prevention tools will exceed $28.7 billion by 2027, a significant increase from $22.1 billion in 2023.

The study predicts that this 30 percent expansion will be driven by the cybercriminal strategy of targeting the ever-increasing transaction volume of payments through digital channels to maximize financial gain.

Financial crime prevention software enables financial institutions and merchants to monitor and detect fraud. KYC (Know Your Customer) and KYB (Know Your Business) procedures, as well as the automation of behavioral analysis, will help reduce the risk of financial crimes.

The research evaluated the leading financial crime prevention software platforms based on a number of criteria, including depth and breadth of offerings, service innovation and future outlook. Based on these, he provided a comprehensive analysis of the competitive situation in this market. The ranking of the three leading vendors based on: FICO; LexisNexis Risk Solutions; Verafin.

Research co-author Mélissa Amouny explained: “FICO offers a wide range of capabilities, including access to high-value data for crime mitigation and AI-based analytical systems. Competing vendors must prioritize frequent platform updates to keep pace with with rapid innovations against cybercrime and maximize their market share.”

The research according to his prediction By 2027, fraud detection and KYC systems will account for 88 percent of global spending on financial crime prevention. This allows financial institutions to crack down on many common types of crime, including account takeovers. However, as digital payments grow in popularity and omnichannel experiences become commonplace, putting together comprehensive financial crime prevention packages becomes increasingly complex, given the number of payment platforms and processes involved.

The report urged financial crime prevention tool makers to use artificial intelligence to coordinate intelligent control systems, allowing businesses to adapt to increasingly complex cyber attacks by choosing the right control capability for each scenario.

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