Advanced analytics and the use of biometrics become essential for anti-fraud programs, reveals a survey conducted by the Association of Certified Fraud Examiners (ACFE), in association with SAS, the analytical leader.
Austin, Texas, June 26, 2019.- While 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, which represents almost a 200% increase. Anti-fraud professionals revealed this and other technological trends in a global survey, conducted by the Association of Certified Fraud Examiners (ACFE), developed in collaboration with SAS.
The Anti-Fraud Technology Comparative Evaluation 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% foresees the deployment of applications to take advantage of these methods by 2021.Budgets will be increased: More than half of the organizations (55%) plan to increase their budgets for anti-fraud technology over the next two years.
Techniques for data analysis will continue to evolve: It is estimated that by 2021 almost three out of four organizations (72%) will use automated monitoring, exception reports 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, fraud-fighting professionals must also use cutting-edge technology to combat them,” says Bruce Dorris, president of ACFE. “But what technologies are more effective in helping organizations manage the increasing risks of fraud? The answer to this question can be crucial to successfully implement new anti-fraud strategies. ”
Trends by industry
As a complement to the report, the SAS online data visualization tool allows you to analyze the 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 professionals in the fight against fraud can help organizations determine where their industry is heading and make better decisions when investing in anti-fraud technologies,” says James Ruotolo, senior director of product sales anti-fraud in SAS; “The rapid adoption of the tools of artificial intelligence, machine learning and the use of predictive modeling reveal that advanced analytics help researchers stay one step ahead of increasingly sophisticated criminals.”
The report Comparative Evaluation of Anti-Fraud Technologies was presented in the framework of the 30th Annual ACFE Conference that this year brings together more than 3,000 professionals who fight against fraud, held between June 23 and 28 in Austin, Texas.