Insurance Fraud Detection Market Size (2024)

FAQs

Insurance Fraud Detection Market Size? ›

The global insurance fraud detection market size was valued at $ 3,281.00 million in 2021, and is projected to reach $ 28,083.29 million by 2031, growing at a CAGR of 24.2% from 2022 to 2031.

The global fraud detection and prevention market size was valued at USD 43.97 billion in 2023 and is projected to grow from USD 52.82 billion in 2024 to USD 255.39 billion by 2032, exhibiting a CAGR of 21.8% during the forecast period (2024-2032).

The global identity theft protection services market size was valued at USD 13.13 billion in 2023 and is projected to grow from USD 14.94 billion in 2024 to USD 41.81 billion by 2032, exhibiting a CAGR of 13.7% during the forecast (2024-2032). North America accounted for a market value of USD 5.54 billion in 2023.

According to The Coalition Against Insurance Fraud, nearly all insurers (96%) reported using anti-fraud technologies to detect insurance fraud. Anti-fraud detection tools include red flag detection, predictive modeling reporting capability, case management, exception reporting and data visualization/link analysis.

Global Fraud Detection and Prevention Market size was valued at USD 41.94 Billion in 2022 and is poised to grow from USD 57.73 Billion in 2023 to USD 272.34 Billion by 2031, at a CAGR of 23.80% during the forecast period (2024-2031).

The global fraud detection and prevention market size was valued at USD 25.67 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 17.6% from 2023 to 2030.

Chargeback rate and overall authorization rate impact are crucial metrics that directly reflect the effectiveness of fraud prevention measures.

According to the report published by Zion Market Research, the global Identity Verification Market size was valued at USD 10.24 Billion in 2023 and is predicted to reach USD 25.87 Billion by the end of 2032. The market is expected to grow with a CAGR of 10.84% during the forecast period.

Who commits most insurance frauds? ›

Applicants, policyholders, and third-party claimants can commit insurance fraud during a transaction to obtain benefits to which they're not entitled. Insurance scams can occur in any sector but are typically most prevalent in healthcare, workers' compensation, and auto insurance.

AI techniques in insurance fraud

Machine learning algorithms can be used to automatically identify patterns of fraud in historical data. It helps detect fraud by analyzing large data sets to find patterns and anomalies. This data can then be used to train a model to flag potential fraud in future data.

Rules-based systems: One of the most traditional fraud detection and fraud prevention methods is the use of rules-based systems. These systems employ predefined rules to identify potential instances of fraud based on certain patterns or conditions.

The Global Phishing Protection Market size is expected to reach $5.2 billion by 2030, rising at a market growth of 13.3% CAGR during the forecast period. High-profile government & defence officials and employees may be targeted through spear phishing attacks.

According to the report, the global fraud management in banking market was valued at $6.5 billion in 2022, and is projected to reach $48.4 billion by 2032, growing at a CAGR of 22.6% from 2023 to 2032.

Global Fraud Detection and Prevention Market Outlook:- The global Fraud Detection and Prevention market size was valued at USD 23675.59 million in 2022 and is expected to expand at a CAGR of 19.83% during the forecast period, reaching USD 70092.19 million by 2028.

The Association of Certified Fraud Examiners (ACFE) is the world's largest anti-fraud organization delivering best-in-class training, offering the CFE credential and fostering a dynamic, global community of anti-fraud professionals.