The fraud detection and prevention market is being driven by regulatory compliance requirements, and according to Marketsandmarkets, the sector is estimated to grow to $63.2 billion by 2029 at a CAGR of 17% over that period, from $28.8 billion in 2024. With stringent regulations in place, organisations are compelled to adopt robust strategies to combat financial crimes and protect consumer interests. Compliance mitigates legal risks, and fosters trust among stakeholders, driving organizations to prioritise efforts in fraud prevention.

The adoption of fraud detection and prevention solutions has surged as organisations must adopt a multi-layered approach to combat modern fraud, which is becoming increasingly sophisticated. Key strategies include implementing advanced fraud detection technologies like AI, machine learning, behavioral analytics, and biometric verification. These provide real-time analysis, adapt to new fraud patterns, and offer more effective and user-friendly prevention. Also, strong authentication measures such as multi-factor authentication should be established to verify user identities and prevent unauthorised access. Moreover, companies should be developing a comprehensive fraud prevention policy that outlines roles, processes, and consequences while providing ongoing employee education and awareness.

Rapid increase in cloud deployments

The cloud deployment mode in fraud detection and prevention is rapidly increasing among organisations worldwide. The analysts found that this shift is driven by several factors, including the need for scalability, agility, and cost-effectiveness in combating evolving fraud threats. Cloud-based solutions offer the flexibility to scale resources dynamically, allowing organisations to handle fluctuating workloads and accommodate growing data volumes more efficiently than traditional on-premises systems. Additionally, the cloud provides accessibility from any location with internet connectivity, enabling real-time monitoring and response to fraudulent activities. Moreover, cloud deployment reduces the burden of managing and maintaining infrastructure, allowing organiaations to focus on improving fraud detection capabilities and enhancing overall security posture. Adopting cloud deployment mode in fraud detection and prevention empowers organisations to stay ahead of fraudsters while optimising resource utilisation and operational efficiency.

Geographically Asia Pacific to register strong growth

The Asia Pacific region comprises countries such as China, India, AnZ, Singapore, and Japan, leading in the FDP market. Asia Pacific region is expected to register high growth rates in the FDP market. China is the leading country in this market, with extensive adoption of FDP technology in various sectors, including BFSI, government, and healthcare. Other countries in the region, such as Japan, are also witnessing growth in the FDP market. Various factors, such as internal and external regulations and the growing focus of different industries to get a unified view of risk, are expected to contribute to market growth. Factors such as increasing compliances, internet usage, regulations, and increasing digitalisation are the significant factors fueling the adoption of FDP solutions.

Dean Drako, Eagle Eye Networks Founder and CEO, has won the Ernst & Young (EY) Entrepreneur Of The Year 2024 Gulf South Award. Entrepreneur Of The Year is the prestigious business awards programme for entrepreneurs and leaders of high-growth companies.

Under Drako’s leadership, Eagle Eye Networks has achieved significant growth in video surveillance industry and helped businesses worldwide enhance security and operational efficiency through cloud, advanced AI and analytics.

Eagle Eye Networks has made notable advancements in AI technology, including its award-winning, AI-powered Smart Video Search and License Plate Recognition, and its newly launched 911 camera sharing, which has already won two awards recognizing its positive impact on public safety and emergency response.

“Receiving this award is a tremendous honour and a testament to the hard work and dedication of the entire Eagle Eye Networks team,” said Dean Drako, Founder and CEO of Eagle Eye Networks. “We remain committed to pushing the boundaries of the cloud video surveillance industry with our AI features, delivering exceptional value to our customers, and positively impacting the world.”

Drako founded Eagle Eye Networks in 2012. He is also Chairman of cloud access control leader Brivo, and Chairman of enterprise security automation leader Cobalt AI. Previously, Drako was founder, president and CEO of Barracuda Networks, where he created the IT security industry’s first spam filter appliance, growing the company from its inception in 2003 through 2012 to more than 140 products and 150,000 customers.

An independent judging panel of previous award winners, leading CEOs and other business leaders selected Drako. Candidates were evaluated based on their ability to create long-term value through entrepreneurial spirit, commitment to their purpose and the demonstration of growth and substantial impact, among other key indicators.

As a Gulf South award winner, Drako will be considered for the Entrepreneur Of The Year 2024 National Awards. The National Award winners, including the Entrepreneur Of The Year National Overall Award winner, will be announced in November at the Strategic Growth Forum, one of the nation’s most prestigious gatherings of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner will then move on to compete for the World Entrepreneur Of The Year Award in June 2025.

Entrepreneur Of The Year recognises many different types of business leaders for their ingenuity, courage and entrepreneurial spirit. The programme celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organisation to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to fortify it for the future.

In a move to modernise its service, the Environment Agency (EA) has chosen Leidos, a Fortune 500 company that creates smart technology solutions for customers in heavily regulated industries, with support from Intersec, a global leader in telecom metadata and location intelligence solutions, to deliver a new flood warning system for

England.

The current system has been a cornerstone of the EAs flood warning service for twenty years, but with technology rapidly advancing, the decision to integrate Intersec’s cutting-edge early warning and alerting technology as part of Leidos’ solution for their Next Warning Service demonstrates the EA’s ongoing commitment to improve England’s resilience to flooding.

The solution will help enhance the EA’s flood warning capabilities, providing internal end-users with an array of powerful situational awareness tools, including advanced geographic layers and precise mapping, all within a user-friendly interface based on the Intersec application.

“This collaboration will not only streamline field operations but also enable the swift dissemination of location-based alerts through multiple contact channels, empowering communities and highlighting our commitment to leveraging technology for the greater good,” said Yann Chevalier, Chief Executive Officer at Intersec.

Crucially, the solution is designed to be deployed in a highly scalable cloud environment, ensuring that it can readily accommodate future product enhancements for the service. The new service is due to be fully operational in 2025.

Verkada, a pioneer in cloud-based physical security solutions, is expanding operations to Germany, Austria, and Switzerland (DACH) under the leadership of Benjamin Krebs. This expansion comes as Verkada is seeing strong sales and partner growth across EMEA.

“Today, more than 24,000 customers across 85 countries trust Verkada as their safety solution,” said Eric Salava, Chief Revenue Officer at Verkada. “Establishing operations in the DACH region, which represents the largest economy in Europe, is a natural next step as we continue to grow internationally.”

Starting today, Verkada’s Command platform and website are available in German, providing German-speaking customers with full access to Verkada’s solutions and services in their native language so that they have the necessary resources to make informed security decisions.

“The DACH region is renowned for its unwavering commitment to both cyber and physical security,” said Benjamin Krebs, Managing Director, DACH at Verkada. “Customers across the region are looking for fully integrated security solutions that provide intelligent insights to keep their organisation safe in a privacy-sensitive way. As cloud-based physical security becomes the industry standard, I am looking forward to working with our growing team, customers, and partner network to help more organisations across the DACH region keep the communities they live and work in safe.”

Since its inception in 2016, Verkada has maintained an impressive growth trajectory. Today the company has nearly 2,000 employees across 16 offices globally. Currently, Verkada is recruiting across EMEA and is seeking talented individuals for roles such as account executives and solutions engineers.

Allegion plc, a leading global security products and solutions provider, has acquired Unicel Architectural.

Based in Quebec, Canada, Unicel Architectural is a leading North American manufacturer of advanced glass, timber and aluminum building solutions that support privacy, safety, energy efficiency and sustainability. The Unicel Architectural portfolio is primarily sold across Canada and the U.S. and installed in healthcare, education, government and other non-residential facilities.

Unicel Architectural will operate as part of the Allegion Americas segment, led by Allegion Senior Vice President Dave Ilardi.

“Unicel Architectural is a natural extension of Allegion’s core business, especially in institutional markets. This strategic combination will strengthen our portfolio of solutions and expand our specification capabilities,” Ilardi said. “Together, we will provide meaningful differentiation for customers with more comprehensive offerings.”

Unicel Architectural Co-Presidents Samuel Doyon-Bissonnette and Vincent Couturier are joining Allegion and will serve as leaders for Unicel Architectural within the Allegion Americas non-residential business, supporting a smooth transition and helping drive accelerated growth.

“Like Allegion and its brands, Unicel Architectural is a category inventor and market leader, recently celebrating 60 years of serving customers,” said Doyon-Bissonnette. “Combined, we’ll create more value for architects and other channel partners as trusted advisors on projects who help meet end-user needs.”

“We’ve had a long-standing partnership with Allegion brands Technical Glass Products, AD Systems and Stanley Access Technologies. This is an exciting evolution of our work together – one that means our customers can expect even more premium products and experiences,” Couturier added.

Terms of the transaction were not disclosed.

Palo Alto Networks and IBM have entered into a broad-reaching partnership to deliver AI-powered security outcomes for customers.

The expanding and complex enterprise technology landscape, driven by digital transformation and the rapid growth of AI, presents significant cyber security challenges. To address increasingly sophisticated threats and evolving attack surfaces, organisations are prioritising comprehensive security platforms that are underpinned by AI. Palo Alto Networks and IBM aim to help streamline and transform security operations, stop threats at scale, and accelerate incident remediation for their customers with the complete AI-powered approach that is required.

As part of this expanded partnership, Palo Alto Networks has agreed to acquire IBM’s Qradar SaaS assets, including Qradar intellectual property rights, subject to customary closing conditions. Upon closing, Palo Alto Networks and IBM will facilitate the migration of Qradar SaaS clients to Cortex XSIAM, a leading next-generation security operations (SOC) platform, with advanced AI-powered threat protection supported by 3,000 out-of-the-box detectors. On-premise (on-prem) Qradar clients who wish to remain on Qradar on-prem will continue to receive IBM features and support including security, usability and critical bug fixes, as well as updates to existing connectors and the ability to expand consumption. For both Qradar SaaS and on-prem clients who chose to migrate to Cortex XSIAM, the companies, along with their ecosystem of business partners, will closely collaborate to enable a smooth transfer, with IBM and Palo Alto Networks offering no-cost migration services to qualified customers. As part of this agreement, IBM will receive incremental payments from Palo Alto Networks for Qradar on-prem clients who choose to migrate to the Cortex XSIAM platform.

Nikesh Arora, Chairman and CEO, Palo Alto Networks comments on the move. “The security industry is at an inflection point where AI will transform businesses and deliver outcomes not seen before. It’s a moment to accelerate growth and innovation. Together with IBM, we will capitalise on this trend, combining our leading security solutions with IBM’s pioneering Watsonx AI platform and premier services to drive the future of security platformisation with complete, AI-powered, secure-by-design offerings.”

Arvind Krishna, Chairman and CEO, IBM, adds. “Strategic partnerships like the one we’re announcing today with Palo Alto Networks bring with them significant benefits across the industry. Advanced threat protection and automation, underpinned by Cortex XSIAM and Watsonx, and coupled with IBM Consulting, will speed client and partner adoption of next-generation security operations. We’ll deliver these capabilities with Palo Alto Networks, and accelerate our security investments and innovation in areas like data security and identity and access management. These are critical offerings that our clients need when protecting their data, hybrid cloud environments, AI models and applications. We are delighted to be partnering with the Palo Alto Networks team and we are excited about the future of AI-powered cyber security innovation.”

Genetec’s new Autovu Plate Finder is a new feature that enables parking operators and law enforcement professionals to quickly identify and validate license plate numbers directly from their Apple or Android mobile devices.

Autovu Plate Finder increases efficiency by reducing the time spent manually checking difficult-to-read or obstructed license plates. For example, vehicles with rear-facing license plates backed into parking spots can’t easily be read by vehicle-based ALPR systems. Instead of having officers exit their vehicles to input the plate number in the onboard system manually, Plate Finder enables them to take a picture of the license plate from their phone. This allows them to quickly verify parking rights or identify wanted vehicles on local, state, federal, or custom hotlists.

“Validating license plates against parking regulations and law enforcement hotlists in bustling downtown areas or crowded parking garages can pose significant challenges for officers. With the Autovu Plate Finder, users can now access cutting-edge ALPR technology anytime, from anywhere with a cellular data connection,” said Michael Bradner, Autovu Product Line Manager at Genetec Inc.

Once the image is captured, the information is encrypted and securely sent to the cloud-based Autovu Managed Services ALPR system. A neural network, part of the Genetec Machine Learning Core (MLC) engine, reads the license plate and vehicle characteristics. The pertinent information, including zone details, is then displayed on the user’s device, enhancing the effectiveness of field operations.

Autovu Plate Finder is a new subscription feature offered within Autovu Managed Services. This feature is available through Genetec Mobile. Available immediately to new or existing Autovu Managed Services (AMS) customers in the US and Canada, the new technology is being showcased this week at the IPMI Parking and Mobility Conference and Expo in Columbus, Ohio, USA.

Eagle Eye Networks, a global leader in cloud video surveillance, has won the ESX Innovation Award in the Video Management System category, for the company’s Eagle Eye 911 Camera Sharing technology.

Eagle Eye 911 Camera Sharing is a first-of-its-kind technology that gives emergency communication centre telecommunicators (911 professionals) instant access to security cameras during an emergency, empowering them to deliver critical incident information to first responders. School leaders and public safety officials have lauded Eagle Eye 911 Camera Sharing as a groundbreaking technology that can quickly deliver important information when time is of the essence.

ESX Innovation Award winners are chosen by an independent panel of judges, based on criteria including ingenuity, applicability, and response to market need.

“We just launched Eagle Eye 911 Camera Sharing two months ago, but we’re already hearing from schools, businesses, 911 professionals, first responders, and law enforcement about the tremendously positive impact this technology can have in speeding up response and improving outcomes in emergency situations,” said Dean Drako, Founder and CEO of Eagle Eye Networks. “Winning an ESX Innovation Award is a distinct honour, and we want to thank the security industry experts who served as judges for this meaningful recognition.”