Austin, Texas, U.S. (June 24, 2019) — While only 13% of organizations use artificial
intelligence (AI) and machine learning to detect and deter fraud, another 25%
plan to adopt such technologies in the next year or two – a nearly 200%
increase. Fraud examiners revealed this and other anti-fraud tech trends in a
cross-industry, global survey by the Association of Certified Fraud
Examiners (ACFE), developed in collaboration with analytics
The inaugural Anti-Fraud Technology Benchmarking Report examines
data provided by more than 1,000 ACFE members about their employer
organizations' use of technology to fight fraud. Other notable trends include:
- The rise of biometrics. About one in
four organizations (26%) use biometrics as part of their anti-fraud programs;
another 16% foresee deploying biometrics by 2021.
- Increasing budgets. More than half
of organizations (55%) plan to increase their anti-fraud tech budgets over the
next two years.
- Changing data analysis techniques. By
2021, nearly three-quarters of organizations (72%) are projected to use
automated monitoring, exception reporting and anomaly detection. Similarly,
about half of organizations anticipate employing predictive analytics/modeling
(52%; up from 30%) and data visualization (47%; currently 35%).
"As criminals find new ways to exploit technology to
commit schemes and target victims, anti-fraud professionals must likewise adopt
more advanced technologies to stop them," said Bruce Dorris, J.D., CFE,
CPA, President and CEO of the ACFE. "But which technologies are most
effective in helping organizations manage rising fraud risks? The answer to
this question can be crucial in successfully implementing new anti-fraud
Dive deeper online: Trends by industry and more
Complementing the benchmarking report, SAS' online data visualization tool allows
users to analyze survey data by industry, geographic region and company size.
Survey respondents hail from 24 industries – most prevalently banking/financial
services (21%) and government/public administration (17%) – and span the globe.
The size of their employer organizations ranges from less than 100 employees to
more than 10,000.
"Understanding peers' technologies and strategies
can help organizations determine where the industry is headed and guide their
anti-fraud tech investments," said James Ruotolo, Senior Director of
Products and Marketing for Fraud and Security Intelligence at SAS. "The
dramatic rise of AI, machine learning and predictive modeling reveals that,
beyond the hype, advanced analytics is helping investigators keep steps ahead
of increasingly sophisticated fraudsters."
The Anti-Fraud Technology Benchmarking Report debuted
at the sold-out 30th Annual ACFE Global Conference,
convening more than 3,400 fraud-fighting professionals on June 23-28 in Austin,
TX. The report's supporting sponsors include SAS alliance
members Intel and Capgemini.
About the Association of Certified Fraud Examiners
Based in Austin, Texas, the ACFE is the world's largest anti-fraud
organization and premier provider of anti-fraud training and education.
Together with more than 85,000 members, the ACFE is reducing business fraud
worldwide and inspiring public confidence in the integrity and objectivity
within the profession. For more information, visit ACFE.com.
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