Organizations race to adopt new anti-fraud technologies after slow start, ACFE/SAS technology report shows

Technological advances, such as artificial intelligence, machine learning and biometrics, have expanded the universe of tools available to fraud fighters. Yet while organizations have been slow to adopt these emerging technologies amid the COVID pandemic, many are quickly preparing to upgrade their anti-fraud systems.

That was one of several interesting insights from the 2022 Anti-Fraud Technology Benchmarking Report, which the ACFE recently developed in collaboration with SAS to determine the types of technologies anti-fraud professionals commonly use and wish to use in the future. (See the 2022 ACFE and SAS Anti-Fraud Technology Benchmarking Report.)

According to the survey the ACFE and SAS used to develop the report, 34% of respondents are using physical biometrics such as fingerprint, vocal or facial recognition tools with just 17% saying their organizations plan to adopt them. Only about 20% of respondents said their organizations were using computer vision analysis — the use of computer or artificial intelligence–based analysis of video or photographic data — and another 18% said they plan to adopt it in the next two years.

Against that backdrop, SAS Senior Vice President Stu Bradley recommends that anti-fraud professionals consider the organization’s ability and readiness to adopt new technologies.