Fraud Fighters Flock to Generative AI: 83% Plan Adoption in 2 Years

Generative AI [GenAI] has sparked widespread interest with its potential to transform various aspects of our lives. It’s notable that 83% of anti-fraud experts plan to use this technology in their strategies to combat fraud within the next two years, as highlighted by a study from the Association of Certified Fraud Examiners [ACFE] and SAS.

The 2024 Anti-Fraud Technology Benchmarking Report, a global study started by ACFE and SAS in 2019 and now in its third edition, gathered insights from about 1,200 ACFE members. This research shows a growing interest in AI and machine learning [ML] for fighting fraud, with 18% of professionals already using these tools and an additional 32% planning to adopt them in the next two years. Despite this enthusiasm, the actual adoption rate has increased by only 5% since 2019, falling short of earlier expectations.

The report also notes a steady increase in the use of biometrics and robotics, particularly in the banking and financial services sector, highlighting a more significant embrace of these technologies in fraud prevention efforts.

John Gill, ACFE President, emphasized the importance of ethical use of GenAI tools in fighting fraud, noting that investment in anti-fraud technology is crucial in the battle against criminal activities. Stu Bradley from SAS pointed out the challenges in adopting AI and analytics, underscoring the importance of selecting the right technology partners and solutions for effective risk management.

SAS has provided an online dashboard to further explore the survey data by industry, region, and company size, offering insights into the use of data analysis, risk monitoring, data sources, and the challenges of implementing new technologies in anti-fraud efforts.

The report and its findings prompt a reflection on the future of GenAI in anti-fraud programs, considering potential hurdles such as budget constraints and the need for guidelines to reduce errors and bias. With the evolving landscape of fraud and financial crime, organizations are encouraged to enhance their anti-fraud measures through advanced analytics and AI, ensuring resilience and competitive advantage in a challenging environment.

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