As innovation in digital delivery and customer experience expands into every facet of financial services, criminals are becoming increasingly adept in exploiting these new avenues for fraud. Spiking fraud rates and internal resource challenges triggered by the pandemic are leading financial institutions to refresh, transform, replace or augment their fraud systems. This is driving increased spending on fraud systems and fraud operations at many firms. Celent estimates that spending on fraud technology used by banks and insurers will reach US$6.6 billion and that spending on fraud operations will rise to US$7.3 billion globally in 2021.
In this report, Celent provides estimates of spending on anti-fraud technology and operations by banks and insurers worldwide. The report presents global estimates as well as detailed breakdowns of:
- Spending by global region: North America, Europe, Asia, and the rest of the world.
- Spending according to the type and size of financial institution.
- Spending growth rates.
- Technology spending breakdown by: internal spending, hardware, external software, and external services.
- Operational spending trends (in addition to technology spending).
- Spending on new initiatives vs. run-the-bank maintenance activities.
- Recommendations for financial institutions and solution providers.
Download a free sample of the report here:
