Market research fraud has been described as a canary in the coal mine, impacting data quality and survey responses. It can erode brand trust, increase operational costs and revenue losses for organizations, and cause harm to consumers. Fraud is a complex problem with many layers and it can be difficult to detect in real-time, especially when conducting online surveys. However, fraud market research are many steps researchers can take to thwart fraud and prevent it from having an impact on the industry’s outcomes.
How is market research misleading?
The global fraud detection and prevention market is segmented by component, organization size, deployment mode, industry vertical, and region. The solutions segment is expected to grow at the fastest CAGR during the forecast period. This is due to the increased demand for security products from small and medium sized enterprises (SMEs) due to increasing cyber-attacks on e-commerce sites, BYOD policies, and remote work environments. In addition, the growing dependency on digital technologies and lack of efficient security frameworks in SMEs make them prone to fraudulent activities, which further drives the growth of this segment.
The large enterprise segment is expected to account for the highest market share during the forecast period. This is owing to the increased incidence of frauds pertaining to phishing, money laundering, and distributed denial-of-service attacks by large organizations. In order to mitigate these risks, the large organizations invest in deploying advanced fraud prevention solutions and services. Moreover, they adopt comprehensive strategies to protect their valuable data against fraudulent attacks.