In response to increased fraud during the covid-19 pandemic, fraud fighters embraced analytics solutions at an accelerated pace.
During the covid pandemic, fraud rates increased sharply. In response, fraud fighters invested more than ever in analytics-based anti-fraud technology. That’s according to a survey by the Association of Certified Fraud Examiners (ACFE) and SAS. They surveyed about 900 ACFE members worldwide.
It shows that 40 percent of respondents slightly to significantly increased the use of data analytics during the pandemic. 60 percent expect the technology budget for fraud prevention to increase over the next two years. Advanced analytics is also at the top of the wish list for future investments. By that, the researchers mean AI and machine learning as well as other forms of predictive data analytics.
Indispensable
According to those surveyed, analytics is already indispensable in fraud prevention today. 99 percent of respondents report that technology has increased the number of cases investigated. 98 percent report increased accuracy in anomaly detection. Just as many respondents see technology speeding up time-consuming tasks.
“Proven techniques such as exception reporting and anomaly detection are still prevalent, but growth in technology budgets and projected growth in AI use of 150 percent over the next two years indicate that organizations are not going to rest on their laurels.” So says Andi McNeal, CFE, CPA, Director of Research at the ACFE. “The landscape could look very different when we re-examine in 2023.”
Organizations are not just looking to analytics to streamline fraud detection. Behavioral biometrics and RPA are also playing a role, along with computer vision, blockchain as well as VR and AR. 19 percent of organizations not using any of those technologies plan to deploy RPA in the next one to two years.