Expert Guidance for Fraud Detection and Prevention

The global fraud detection and prevention market size was valued at USD $25.66 billion in 2021. The market is estimated to expand from USD 30.65 billion in 2022 to USD 129.17 billion in 2029. Meeting enhanced customer expectations for seamless financial service experiences while dealing with escalating security threats and increasing fraudulent behavior is a top challenge for many financial services companies. In addition, non-compliance with industry standards or regulations related to fraud prevention and detection can result in fines, penalties, or legal actions for organizations. 

Fraudulent transactions, embezzlement or theft can go undetected or unaddressed, costing organizations thousands (if not millions) or more. Technology's rapid evolution challenges financial services’ security operations teams. As customers navigate the complexities of monitoring hybrid, cloud and on-premises technology stacks — now dependent on a mix of third-party and legacy/homegrown applications — the attack surface gets more vulnerable. This complexity obscures visibility, making it difficult for defenders to detect, investigate and respond to unseen threats. These issues have led to a concerning rise in data breaches. Based on the latest Splunk research, 52% of organizations are reporting recent breaches and 2023 was the highest year on record for these breaches.

At the same time, organizations are looking to expand their knowledge and expertise to enhance their security infrastructure to reduce the likelihood of successful attacks or breaches by malicious actors and reduce costs that can arise from a breach, such as financial losses, legal fees and corporate reputations. Customer confidence is also key; by reducing fraud vulnerability, enterprises can ensure compliance with regulatory requirements, avoiding potential penalties and sanctions. But many organizations do not have the expertise in house to help them understand, recognize and/or respond to fraud before it is too late. 

Splunk understands how damaging corporate fraud is to all types of organizations — but even more so to financial institutions that handle individual money accounts. So Splunk is now offering fraud awareness, detection and prevention professional service offerings led by deep technical experts. These experts help our customers to understand and recognize the types of fraud, as well as successfully deploy the Splunk for Fraud application into a customer’s production environment. We can even take it a step further with the Splunk Fraud Workshop where we ultimately deliver a roadmap outlining our customers’ journey to improve their long-term company vision of improving their fraud resiliency.

Splunk professional service experts align with our customers to provide insights that help them adopt and use their Splunk applications effectively to drive better business outcomes globally through expert guidance, implementation and integration expertise.

How is your organization prepared to defend against fraud across your technical infrastructure?