IT Management Risk & Security Security

AI for fraud detection to triple by 2021

The use of AI fraud detection is predicted to triple by 2021, according to a new study from the Association of Certified Fraud Examiners (ACFE), developed in collaboration with SAS.

The Anti-Fraud Technology Benchmarking Report assessed data from more than 1000 ACFE members regarding their organizations’ use of tech to fight fraud, discovering that while only 13% of businesses currently use AI and machine learning to detect/deter fraudulent activity, another 25% plan to do so in the next year or two.

Other key findings discovered that 26% of organizations are using biometrics as part of their anti-fraud programs, with another 16% expecting to deploy biometrics by 2021, while more than half of respondents (55%) plan to increase their anti-fraud tech budgets over the next two years.

“As criminals find new ways to exploit technology to commit schemes and target victims, anti-fraud professionals must likewise adopt more advanced technologies to stop them,” said Bruce Dorris, JD, CFE, CPA, president and CEO of the ACFE.

Read entire post AI for fraud detection to triple by 2021 | Michael Hill| InfoSecurity

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