While only 13% of organisations 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. This represents a nigh on 200% increase.
Fraud examiners reveal this and other anti-fraud tech trends in a cross-industry survey conducted by the Association of Certified Fraud Examiners (ACFE) and developed with analytics leader SAS.
The inaugural Anti-Fraud Technology Benchmarking Report scrutinises data provided by more than 1,000 ACFE members about their employer organisations’ use of technology to fight fraud.
Other notable trends include:
The rise of biometrics About one-in-four organisations (26%) use biometrics as part of their anti-fraud programmes, while another 16% foresee deploying biometrics by 2021
Increasing budgets More than half (55%) of all organisations questioned plan to increase their anti-fraud tech budgets over the next two years
Changing data analysis techniques By 2021, nearly three-quarters of organisations (72%) are projected to use automated monitoring, exception reporting and anomaly detection. Similarly, about half of organisations (52%, up from 30%) anticipate employing predictive analytics/modelling and data visualisation (47%, currently 35%)