“Assessing the regional situation, Juniper Research says some areas are going to fall behind in the race for strong security.”
Spending on online fraud detection and prevention solutions will rise by 22 percent between 2017 and 2022, predicts Juniper Research. In a new report, the market research firm estimates that annual spending will reach a level of $9.3 billion by the end of the forecast period.
Juniper Research says concerns about security in the emerging Internet of Things will be a key driver of the growth, as will the emergence of 3-D Secure 2.0, the underlying security architecture of the Verified by Visa authentication service for digital purchases. Also contributing to the trend is the implementation of the European Union’s PSD2 regulations, which will encourage banks and various businesses to implement strong anti-fraud security.
Assessing the regional situation, Juniper Research says some areas are going to fall behind in the race for strong security. Latin America, India, and the MEA regions will account for only four percent of total online fraud detection and prevention spending in 2022, the market research firm says; and thus they will “become key targets for banking and payments fraud,” though regulatory and educational efforts could help to mitigate the danger.