Survey: Covid’s fraud surge drives analytic innovation across industries
“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 more
The 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.
Among the other cross-industry takeaways to explore:
“Resoundingly, the anti-fraud professionals surveyed said analytic technologies are helping them identify more fraud more quickly and accurately,” said study co-author Andi McNeal, CFE, CPA, Director of Research at the ACFE. “Time-tested techniques like exception reporting and anomaly detection remain mainstays, yet growing tech budgets and the 150% leap in AI adoption anticipated over the next two years signal that organizations aren’t resting on their laurels. The landscape could look quite different when we resurvey in 2023.”
“Even as proliferating nline and digital channels have heightened risks and created lucrative new avenues for criminal exploitation, there’s a silver lining,” said Stu Bradley, Senior Vice President of Fraud and Security Intelligence at SAS. “These channels allow organizations to capture droves of data that can be integrated to better monitor trends and, ultimately, take a more preventive stance against rapidly shifting threats.”
About the Association of Certified Fraud Examiners
Based in Austin, Texas, the ACFE is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 90,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. For more information, visit ACFE.com.
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