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 leader SAS.
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:
“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, JD, 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 technologies.”
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.