COVID ’ S FRAUD SURGE DRIVES ANALYTIC INNOVATION ACROSS INDUSTRIES
Research by the ACFE and SAS discovers that as fraud losses soar , fraud fighters are accelerating their use of analytics and investing in anti-fraud technology .
he pandemic has
T 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 organisations 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 antifraud tech budgets to grow over the next two years .
• Advanced analytics topped the investment list , particularly Artificial Intelligence ( AI ) and Machine Learning ( cited by 26 % of respondents ) followed by predictive analytics / modelling ( 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 organisations to be flexible and proactive in adopting new anti-fraud tools and processes . This report serves as a valuable resource for anti-fraud professionals to learn what types of technology their peers are using , or plan to use and how these technologies have impacted the success of their fraud prevention and detection initiatives .”
Exploring the data by industry , region and more
The 2022 report is the result of a biennial , global research initiative launched by the ACFE and SAS in 2019 . Complementing this second edition of the report , SAS ’ online dashboard offers data visualisation tools that enable users to examine findings by industry , geographic region and company size .
Survey respondents represent 23 industries – most prevalently government and public administration ( 22 %) and banking and financial services ( 20 %). Their employer organisations , ranging in size from fewer than 100 employees to more than 10,000 , are located throughout the world .
Among the other cross-industry takeaways to explore :
• Analytics is an indispensable fraud detection tool . When asked about
Resoundingly , the anti-fraud professionals surveyed said analytic technologies are helping them identify more fraud more quickly .
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