Intelligent CIO North America Issue 21 - Page 26

TRENDING
The landscape could look quite different when we resurvey in 2023 .
nearly all survey participants indicated their organization ’ s use of data analytics was beneficial in helping them boost the volume of transactions reviewed or suspected fraud cases identified ( 99 %); the timeliness of their anomaly detection ( 98 %); their efficiency in automating timeconsuming tasks ( 98 %); and their overall accuracy in reducing false-positive rates ( 97 %).
• Data-sharing consortiums are gaining momentum . Internal structured data sources remain the crux of most organizations ’ anti-fraud analytics initiatives ( cited by 80 % of respondents ), but many are also tapping a variety of external data sources , including public records ( 41 %), law enforcement or government watch lists ( 31 %), social media ( 29 %), other third-party data ( 25 %) and data from connected devices ( 25 %). Moreover , 34 % of respondents reported they contribute to data-sharing consortiums – and another 24 % indicated that , while they do not currently contribute , they would be willing to do so in the future .
• Organizations are using a variety of emerging technologies to fight fraud . The report highlights the growing use of technologies like physical and behavioral biometrics , computer vision analysis , robotic process automation ( RPA ),
Blockchain , and Virtual and Augmented Reality . Current use of these technologies ranges from 7 % ( Virtual / Augmented Reality ) to 34 % ( physical biometrics ) of surveyed organizations . Among respondents from organizations not using a particular emerging technology , 13 % ( Virtual / Augmented Reality ) to 19 % ( RPA ) expect to deploy it within the next one to two years .
“ Resoundingly , the anti-fraud professionals surveyed said analytic technologies are helping them identify more fraud more quickly and accurately ,” said study co-author Andi McNeal , CFE , CPA , Director of Research at the ACFE .
“ Time-tested techniques like exception reporting and anomaly detection remain mainstays yet growing tech budgets and the 150 % leap in AI adoption anticipated over the next two years signal that organizations aren ’ t resting on their laurels . The landscape could look quite different when we resurvey in 2023 .”
“ Even as proliferating online and digital channels have heightened risks and created lucrative new avenues for criminal exploitation , there ’ s a silver lining ,” said Stu Bradley , Senior Vice President of Fraud and Security Intelligence at SAS .
“ These channels allow organizations to capture droves of data that can be integrated to better monitor trends and , ultimately , take a more preventive stance against rapidly shifting threats .” p
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