The post AI and ML to Reshape Anti-Fraud Efforts in 2024 Report appeared on BitcoinEthereumNews.com.

In an era where digital advancements are at the forefront of corporate strategies, the fight against fraud is no exception. A new report reveals a significant shift towards the adoption of artificial intelligence (AI) and machine learning (ML) among anti-fraud professionals. The 2024 Anti-Fraud Technology Benchmarking Report, conducted by the Association of Certified Fraud Examiners (ACFE) and SAS, outlines the current landscape and future expectations for technology’s role in combating fraud. Key findings and trends The survey, drawing insights from nearly 1,200 ACFE members, highlights a strong interest in AI and ML technologies. Currently, 18% of respondents are utilizing these tools in their anti-fraud efforts, with an additional 32% planning to implement them within the next two years. This projected growth suggests a near-tripling in the use of AI/ML for fraud detection and prevention by the end of the following year, marking a peak in interest since the study began. Despite the optimism, the adoption rate of AI and ML technologies has grown by only 5% since 2019. This figure starkly contrasts with the anticipated 25% and 26% adoption rates reported in the 2019 and 2022 studies, respectively. This discrepancy highlights a gap between expectations and reality, suggesting challenges in the widespread implementation of these technologies. The report also sheds light on the use of other technologies in anti-fraud programs. The application of biometrics and robotics has seen a steady increase. Physical biometrics usage has climbed by 14% since 2019, with 40% of respondents now employing this technology. Meanwhile, robotics, including robotic process automation, has more than doubled from 9% in 2019 to 20%. The financial services sector, in particular, leads in adopting these technologies, with significant usage of physical biometrics and robotics to enhance fraud prevention efforts. Anti-fraud Technology Benchmarking Report cite implications for the future The findings of…

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Filed under: News - @ February 22, 2024 9:16 am