BASINGSTOKE, England, Jan 17 (Bernama-BUSINESS WIRE) — A new Juniper Research study found that global software spend on financial crime prevention tools will exceed $28.7 billion by 2027, increasing from $22.1 billion in 2023. It predicted this growth of 30% will be driven by cybercriminals’ strategies of targeting the ever-growing transaction volume of payments over digital channels to maximise financial gain.
Financial crime prevention software enables financial institutions and merchants to automate fraud detection monitoring, KYC (Know Your Customer) and KYB (Know Your Business) procedures, and behavioural analytics to mitigate risk of financial crime.