• Advanced analytics and the use of biometrics become critical to anti-fraud programs, reveals a survey by the Association of Certified Fraud Examiners (ACFE), in association with SAS, the analytics leader.
Austin, Texas, June 26, 2019.- Although only 13% of organizations use artificial intelligence (AI) and machine learning (ML) to detect and combat fraud, 25% plan to adopt such technologies in the next two years, representing almost a 200% increase. Anti-fraud professionals revealed this and other technology trends in a global survey conducted by the Association of Certified Fraud Examiners (ACFE), developed in collaboration with SAS.
The Benchmarking Anti-Fraud Technologies report examines data provided by more than 1,000 ACFE members on the technologies used by their organizations to detect and combat fraud.
The main trends are:
• The rise of biometrics: Currently one in four organizations (26%) uses biometrics as part of their anti-fraud programs; Another 16% anticipate the deployment of applications to take advantage of these methods by 2021.
• Budgets will increase: More than half of organizations (55%) plan to increase their anti-fraud technology budgets in the next two years.
• Data analysis techniques will continue to evolve: By 2021, it is estimated that nearly three in four organizations (72%) will use automated monitoring, exception reporting, and anomaly detection. Additionally, half of the organizations will have adopted the use of predictive models (52%; 30% more than 2019) and data visualization (47%; 12% more than in 2019).
"As criminals find new ways to exploit technology to exploit vulnerabilities and attack victims, anti-fraud professionals must also use cutting-edge technology to combat them," says Bruce Dorris, president of ACFE. "But which technologies are most effective in helping organizations manage the increasing risks of fraud? The answer to this question may be crucial to successfully implement new anti-fraud strategies. "
Complementing the report, SAS 'online data visualization tool allows you to analyze survey responses by sector, geographic region, and company size. Respondents come from 24 industries, mainly financial services (21%) and public administration (17%).
"Understanding the technologies and strategies of other anti-fraud professionals can help organizations determine where their industry is headed and make better decisions by investing in anti-fraud technologies," says James Ruotolo, senior director of product sales. anti-fraud in SAS; "The rapid adoption of artificial intelligence tools, machine learning, and the use of predictive modeling reveal that advanced analytics help investigators stay one step ahead of increasingly sophisticated criminals."
The Comparative Evaluation of Anti-Fraud Technologies report was presented in the framework of the 30th Annual ACFE Conference that this year brings together more than 3,000 professionals fighting against fraud, held between June 23 and 28 in Austin, Texas .