Report Code: A10030 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Payment Card Skimming Market
Request Now !The payment card skimming is a procedure of identifying, controlling, and assessing risks such as identity theft, payment fraud & other risks associated for consumers using credit or debit cards during any financial transaction. Risk could be generated from numerous sourced such as digital theft, financial uncertainty and other variety of application for the skimming.Â
Furthermore, payment card skimming is a type of software, which is used by the financial institutions to efficiently & effectively manage different kind of risks associated with the cards. Moreover, the risk is measured through transaction processes which further helps in providing insightful action plans for the real-time payment card skimming. Therefore, the demand for risk management during any online or offline card transaction is expected to boost the market growth for the global payment card skimming in the near future.
The global payment card skimming market is segmented on the basis of component, application, organization size, deployment, and region. Based on component, the payment card skimming market is divided into solution and services. The solution segment is further divided into fraud analytics, authentication, governance, risk & compliance solution (GRC) and others. In terms of fraud analytics, the market is divided into predictive analytics, descriptive analytics, social media analytics, big data analytics. The authentication is further divided into single factor authentication (SFA), multi factor authentication (MFA), risk based authentication (RBA). The services segment is also further categorized into Professional Services, Managed Service.Â
On the basis of professional services, the market is divided into consulting, training & education, support & maintenance. In terms of application, the market is divided into identity theft, payment fraud, money laundering. The payment fraud segment is further divided into electronic payment fraud, mobile payment fraud, credit & debit card fraud. The organization size is further categorized into small enterprise, medium enterprise, and large enterprise. Also, the deployment is further categorized into cloud-based and on-premises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global payment card skimming industry include Fiserv Inc., Riskskill Inc., Quercia Software, C2C Smartcompliance, Complianceforge, Investedge, Matrix IFS, NASDAQ BWISE, Rivial Data Security And Sesame Software. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global payment card skimming market.Â
COVID-19 Scenario Analysis
Increase in data & security breaches through the card transactions, rise in stringent government regulatory compliances, and surge in adoption of digital transaction using cards are driving the growth of the market. However, unavailability of skilled cybersecurity employees to secure the transaction is expected to hamper the growth of the market. Contrarily, integration of artificial intelligence in payment card skimming can be seen as an opportunity for the market investments.
With increasing number of digital transactions, the fraudulent activities have been parallelly rising during the transaction. The online e-commerce businesses have been relying mainly on the digital transactions for the payment of the goods & services which are being purchased. Furthermore, payment card skimming is an important problem associated with the digital payments where the consumer needs the assurance from the banking institutions.Â
Moreover, owing to the security concerns which arise during the online card transaction, the payment card skimming is majorly required in the financial sector. Therefore, the surge in adoption of digital transaction using cards, will foster the growth for the global payment card skimming market during the forecast period.
The financial organizations are facing major issues due to the lack of skilled professional to deal with the fraudulent activities relating to the card transactions. Furthermore, the cybersecurity professionals which are hired by the organizations lack the right qualification to analyze the loopholes during a cyber-attack.Â
Moreover, the inability of the professionals to perform the independent tasks during the audits are adding the issues for the financial sector. Therefore, organizations are finding it difficult to hire employees for managing the payment card skimming. Therefore, unavailability of skilled cybersecurity employees to secure transactions is major hampering factor for the market.
Key Benefits of the Report
Questions Answered in the Payment Card Skimming Market Research Report  Â
Payment Card Skimming Market Report Highlights
Aspects | Details |
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By Component |
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By Application |
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By Organization Size |
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By Deployment |
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By Region |
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Key Market Players | Matrix IFS, Complianceforge, C2C Smartcompliance, Investedge, Sesame Software, Fiserv Inc., NASDAQ BWISE, Rivial Data Security, Riskskill Inc., Quercia Software |
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