their use of analytics , nearly all survey participants indicated their organisation ’ 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 time-consuming 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 organisations ’ antifraud 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 .
• Organisations are using a variety of emerging technologies to fight fraud . The report highlights the growing use of technologies like physical and behavioural 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 organisations . Among respondents from organisations 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 www . intelligentciso . com
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