• As per a report by Globe news wire, the Fraud Detection and Prevention Market to Reach USD 110.04 Billion by 2026. The global fraud detection and prevention market size is expected to gain momentum owing to rising need to prevent online frauds and monetary loss across the globe. The report mentions that the market is projected to hit USD 110.04 Billion by 2026, while exhibiting a CAGR of 25.5% between 2019 and 2026. The companies are adopting advanced technological solutions such as inclusion of artificial intelligence to detect fraud and provide secure and reliable operational activities.

 

  • As per Analytics insight report, the big data industry is expected to see 4,165,519 total open jobs by 2023, up from 2,348,620 in 2019. Evaluating big data industry‚Äôs sector-wise growth reveals that BFSI industry with a share of 14% stands at second place after Telecom & IT sector, rising from US$25.4 billion in 2019 to US$51.7 billion in 2023. Therefore, the budding data scientists must take note of these growing field and prepare themselves to lead their way through the aforementioned arena.

 

 

  • As per a recent media report, most Indian companies want AI for improved productivity. For over 65% of organisations in India, the primary drivers for using AI are improved productivity and faster time to market. Organisations across multiple verticals have been leveraging AI, driven by their own needs. The banking, financial services and insurance (BFSI) vertical is exploring multiple use cases, varying from chatbots and conversational AI platforms to fraud detection in claims and insurance.

 

  • GST Analytics wing is working on identifying risky suppliers to exporters. The Central Board of Indirect Taxes (CBIC) had received representations from exporters saying in some cases the Integrated GST (IGST) refunds are getting delayed by over 6 months. Last year, the CBIC had detected several cases of firms availing credit fraudulently through refund of Integrated Goods and Services Tax on exports of goods. To mitigate the risk, the CBIC has taken measures to apply stringent risk parameters based checks, and the consignment of such exporters in risky category are subject to 100 per cent Customs examinations and their refunds were kept in abeyance.
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