The surge of online transactions has made online fraud protection more crucial than ever. Businesses and individuals are turning to services that ensure secure transactions and prevent identity theft. This demand has significantly boosted the online fraud protection market, with companies like NortonLifeLock, Experian, and Equifax at the forefront. In this article, we delve into the online fraud protection market, analyzing revenue and market share of these major industry players.
The Growth of Online Fraud Protection
As online transactions gain popularity, the stakes rise for cybercriminals. The online fraud protection market is responding, growing at a 14.26% compound annual growth rate from 2018 to 2023. Research from ResearchAndMarkets.com predicts the market’s worth will reach USD 9.4 billion by 2023, a substantial increase from USD 4.6 billion in 2018.
Spotlight on NortonLifeLock
NortonLifeLock, formerly Symantec, stands as a global cybersecurity powerhouse. The company offers a wide array of online fraud protection products. Its solutions detect fraudulent activities by scrutinizing device and behavioral data. Products like Norton Security safeguard personal data, securing bank details, credit card numbers, and social security numbers. For businesses, NortonLifeLock provides cloud-based cybersecurity solutions. A 2019 report highlighted cryptocurrency theft, account takeovers, and credit card fraud as prevalent cybercrimes.
Experian: Beyond Credit Reporting
Experian, a well-known credit reporting giant, also provides robust online fraud protection services. The company’s fraud detection solution tracks digital behavior, issuing real-time alerts for any unusual activities. For individuals, Experian offers tools to combat identity theft, including a credit lock feature. The company’s advanced authentication services provide businesses with multi-factor authentication options, helping prevent account takeovers.
Equifax: Fraud Prevention and More
Equifax, another key player in credit reporting, also offers a suite of identity theft protection and fraud prevention solutions. Products like FraudIQ monitor customer activities, stopping fraudulent accounts from opening under a customer’s name. Equifax delivers identity theft resolution, credit monitoring, and reputation management services. The company has faced challenges, including a massive data breach affecting over 140 million customers.
Conclusion: Looking Ahead in Online Fraud Protection
In conclusion, as the online fraud landscape evolves, securing online transactions becomes increasingly vital. The market is set for continued growth. NortonLifeLock, Experian, and Equifax lead the market, providing essential services to combat cybercrime. With their comprehensive cybersecurity solutions, advanced authentication services, and fraud detection and prevention tools, these companies play a crucial role in ensuring online transaction safety.