Canadian platform

The pandemic has opened a Pandora’s box of global fraud. 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 (ACFE) and SAS.

Based on survey responses from nearly 900 ACFE members worldwide, the 2022 Anti-Fraud Technology Benchmarking Report illuminates how organizations across sectors are using technology to fight fraud. Notably:

More than 40% of respondents reported accelerating their use of data analytics significantly (14%) or slightly (29%) amid the pandemic.
The majority (60%) expect their anti-fraud tech budgets to grow over the next two years.
Advanced analytics topped the investment list, particularly artificial intelligence (AI) and machine learning (cited by 26% of respondents) followed by predictive analytics/modeling (22%).
"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. This report serves as a valuable resource for anti-fraud professionals to learn what types of technology their peers are using, or plan to use, and how these technologies have impacted the success of their fraud prevention and detection initiatives." Exploring the data by industry, region and moreThe 2022 report is the result of a biennial, global research initiative launched by the ACFE and SAS in 2019. Complementing this second edition of the report, SAS’ online dashboard offers data visualization tools that enable users to examine findings by industry, geographic region and company size. Survey respondents represent 23 industries – most prevalently government and public administration (22%) and banking and financial services (20%). Their employer organizations, ranging in size from less than 100 employees to more than 10,000, are located throughout the world