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Financial crime prevention spend seen to exceed USD28b by 2027


A study by Juniper Research disclosed that global software spending on financial crime prevention tools will exceed USD28.7bn by 2027. The research said the growth of 30%, an increase from USD22.1bn in 2023, will be driven by cybercriminals’ strategies of targeting the ever-growing transaction volume of payments over digital channels to maximise financial gain. It said that financial crime prevention software enables financial institutions and merchants to automate fraud detection monitoring, Know Your Customer (KYC), and Know Your Business (KYB) procedures, as well as behavioural analytics to mitigate risk of financial crime. The research assessed leading financial crime prevention software platforms and evaluated them on a number of criteria, including depth and breadth of offerings, service innovation, and future prospects; thus providing extensive analysis of the competitive landscape in this dynamic market.

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