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Global survey of anti-fraud pros by the ACFE and SAS reveals incredible GenAI enthusiasm – but past benchmarking studies suggest a more challenging reality
Generative AI (GenAI) has captured the public imagination, its power and promise seemingly poised to affect every facet of society. It’s hardly any wonder then that 83% of anti-fraud professionals anticipate adding the technology to their anti-fraud armaments within the next two years, according to the latest anti-fraud tech study by the Association of Certified Fraud Examiners (ACFE) and SAS.
The 2024 Anti-Fraud Technology Benchmarking Report is the third instalment of a global research study initiated by the ACFE and SAS in 2019. This latest edition reflects insights from nearly 1,200 ACFE members surveyed in late 2023. The survey data reveals key trends in the evolution of fraud fighting since 2019. Among them:
“The accessibility of GenAI-powered tools makes them incredibly dangerous in the wrong hands,” said ACFE President John Gill. “Three in five organisations foresee increasing their anti-fraud technology budgets over the next two years. How they invest these funds will determine who will seize the upper hand in what’s become a technology arms race with criminal enterprises. It’s an uphill battle when you consider that, unlike the fraudsters, organisations face the added challenge of having to use these technologies ethically.”
“Explosive interest in advanced analytics techniques juxtaposed with much more modest adoption rates proves the complexities of scaling the AI and analytics life cycle,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS. “It also underscores the importance of choosing the right technology partner. AI and machine learning aren’t simple, plug-and-play applications. However, their benefits can be more readily realised by deploying modularised solutions across the risk management spectrum on a single, AI-powered platform. That’s SAS’ approach with cloud-native, language-agnostic SAS Viya.”
Explore trends by industry, geography and more
Complementing the benchmarking report, SAS’ online data dashboard allows users to analyse survey data by industry, geographic region and company size.
Survey respondents work in 23 industries – most prevalently banking/financial services and government/public administration (each accounting for 22% of respondents), but also professional services (13%), insurance (5%), health care (4%), manufacturing (4%), technology (4%), education (4%) and more. Their employer organisations span the globe and range in size from fewer than 100 employees to more than 10,000.
Read the report and visit the data dashboard at SAS.com/fraudsurvey to examine cross-industry, anti-fraud tech trends and sentiments around:
The future of GenAI: Boom or bust?
Will the deployment of GenAI in anti-fraud programs skyrocket in line with survey respondents’ passionate intent? Or will real-world challenges like budgetary restrictions, data quality and skills gaps inhibit its predicted ascent? Only time will tell – but organisations can’t be too careful in embracing GenAI and other AI technologies. SAS believes that responsible innovation requires organisations to ask not only "could we" but also "should we?"
“The use of GenAI in anti-fraud initiatives could play a significant part in identifying anomalies, trends and indications in larger volumes of data with minimal resource concerns,” said one survey respondent. “However, the organisation will need to ensure that proper guidelines are in place to minimise errors and bias.”
“GenAI has made great strides these last few years, so it's no surprise that organisations are incorporating it into their anti-fraud initiatives,” said ACFE Research Director Mason Wilder. “As a society, we are still learning all the advantages and disadvantages to using the technology, but more organisations are beginning to take that first step. It will be interesting to see how quickly adoption occurs, in and out of the workplace, in addition to the technology continuing to become more advanced with time.”
“Fraud and financial crime activity are rising as is its impact in local and global markets due to an evolving economic environment and expanding technological capabilities that create new opportunities for fraudsters. In 2024 and beyond, organisations will need to be hyper-vigilant and increase their fraud-fighting efforts by deepening their investment in talent as well as advanced analytics and AI-enabled solutions that offer innovative strengths in effectively detecting, preventing and mitigating fraud. This approach ensures that they can maintain resiliency, protect consumers, and gain a competitive advantage,” says Itumeleng Nomlomo, Senior Business Solutions Manager at SAS in South Africa.
About the Association of Certified Fraud Examiners
Based in Austin, TX, 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.
SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.
SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2022 SAS Institute Inc. All rights reserved.
