Security News > 2022 > February > Soaring losses accelerate investments in anti-fraud tech

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 and SAS. Based on survey responses from nearly 900 ACFE members worldwide, the report illuminates how organizations across sectors are using technology to fight fraud.

"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."

Anti-fraud analytics initiatives and technology Analytics is an indispensable fraud detection tool.

Organizations are using a variety of emerging technologies to fight fraud.

"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 nline 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."

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https://www.helpnetsecurity.com/2022/02/15/anti-fraud-analytics-doubled/