Intelligent CIO North America Issue 21 - Page 23

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COVID ’ S FRAUD SURGE DRIVES ANALYTIC INNOVATION ACROSS INDUSTRIES

Research by the ACFE and SAS finds as fraud losses soar , fraud fighters are accelerating their use of analytics and investing in anti-fraud technology .

The pandemic has opened a Pandora ’ s Box of global fraud . Faced with a seemingly endless onslaught of schemes and scams , anti-fraud pros have doubled down on analytics , finds the latest anti-fraud technology study by the Association of Certified Fraud Examiners ( ACFE ) and SAS .

Based on survey responses from nearly 900 ACFE members worldwide , the 2022 Anti-Fraud Technology Benchmarking Report illuminates how organizations across sectors are using technology to fight fraud . Notably :
• More than 40 % of respondents reported accelerating their use of data analytics significantly ( 14 %) or slightly ( 29 %) amid the pandemic .
• The majority ( 60 %) expect their anti-fraud tech budgets to grow over the next two years .
• Advanced analytics topped the investment list , particularly Artificial Intelligence ( AI ) and Machine
Resoundingly , the anti-fraud professionals surveyed said analytic technologies are helping them identify more fraud more quickly .
Learning ( cited by 26 % of respondents ) followed by predictive analytics / modeling ( 22 %).
" Navigating the pandemic-forged business landscape , we ’ ve seen increased reports of fraud – a trend we don ’ t expect to slow any time soon ," said Bruce Dorris , J . D , CFE , CPA , President and CEO of the ACFE .
" To stay ahead of not only the increased volume of fraud instances , but also emerging trends , it ’ s critical for organizations to be flexible and proactive in adopting new anti-fraud tools and processes .
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