August 20, 2014
At Let’s Talk Payments, we have written about numerous cases of frauds and data breaches that have taken place in the payment space. The victims have to bear the cost of fraud which shows a rising trend as new cases come up. Hackers and criminals target critical payment information parameters mostly linked to the payment card or the account being used. The industry is concerned about the revenue leak taking place through fraudulent incidents. To counter these risks, several companies have started offering fraud detection, security solutions and risk management capabilities. They are also looking into next generation payment technologies in order to develop solutions enabling secure transactions for the end consumer.
In this regard, Knowledgefaber has generated a report covering in-depth analysis of the U.S. Payments Authentication and Security market. The research projected in the report shows that building secure payments system is the foremost priority for retailers in U.S. The security of payments has become a matter of concern for retailers and financial institutions after the recent breaches. Ensuring smooth operation of payment systems is one of the basic tasks of retailers and financial institutions. Safe and secure functioning payment systems are important for building and ensuring trust among shoppers.
Though cyber security and data theft are a global phenomenon, public and private entities in the U.S. over-whelmingly are the most attractive targets of cyber-attacks. All the recent data breaches which include Target Corp., Neiman Marcus, Sally Beauty Holdings Inc., Michaels Stores Inc. and P.F Chang’s clearly point out the fact that U.S. consumers are not safe and an enormous amount of work is to be done in the U.S. to stop data breaches. Highest amount of fraud happens in U.S., and hardly a month goes by when there isn’t a breach from some large U.S. retailer. U.S. lags in card security as compared to other countries.
Our study has found out that Point-of-Sale (POS) is one of the most vulnerable locations and a large number of frauds occur every year at the POS. Many companies are trying to build solutions to prevent payments fraud.
The study by Knowledgefaber estimates Payments Security Market in U.S. to be US $1,327 Million in 2013. The Payments Security Market includes Fraud Detection and Prevention (Back End) Solutions and End Point Security Solutions.
This report reveals market share of U.S. Payments Security Solutions Providers, Fraud Detection and Prevention (Back End) Solutions Providers and End Point Security Solutions Providers.
The report exhibits payments authentication techniques in U.S. and market size of payment authentication in U.S. The payment authentication market in U.S. is poised to grow at a CAGR of X%.
US Payment Authentication and Security Market Report also tries to illustrate – how Tokenization and End to End Encryption will help in preventing payments fraud.
The evolution of analytics has played a key role in reducing payments fraud. This report showcases the analytics techniques to reduce payments fraud.
Retailers are the most affected by payment frauds. The report shows how much retailers are investing to build a safe and secure payments system and what are the present and expected future solutions to reduce payments fraud.
In this report you will come across companies like First data RSA (EMC), Fidelity National Information services (FIS), Symantec, TSYS, Chase Paymenttech, Magtek, Vantiv, Mcafee, Cisco, BAE System Detica, FICO, Scansource, ReD, Verifone, Trustwave, Trend Micro, Verisign, Sophos, Websense, Blue Coat System, Kaspersky Lab, Fire Eye INC, NCR, ACI, Fortinet, Delego software, ProofPoint, Datacap systems, Crucialtec, Ingenico, ZIX Corp, Cybera, Intrusion INC, Feedzai, Clearswift, Vasco Data Security, Uniqul, EdgeWave, Checkpoint etc. and dozens of other companies.
Knowledgefaber has conducted dozens of interviews with industry experts and professionals over a period of 2 months coupled with secondary research, analysis and forecasting.
To have a look at the Table of Content, refer the link