Use of AI tech for fraud detection to increase three-fold by 2021

New Ideas in MarketingEssential news for marketers, summarised by YouGov
July 12, 2019, 12:37 PM UTC

Organisations have already started to employ AI tools for fraud detection.  

A report from Association of Certified Fraud Examiners (ACFE) found that more than 50% of organisations are planning to increase their spending on anti-fraud tech in the next two years. The report further revealed that 13% of businesses have already deployed AI and machine learning to detect or deter fraudulent activities.

The article says that 9% of the organisations use block-chain technology as part of their anti-fraud programs. But 80% of them considered budget and finance as biggest obstacles for adopting new anti-fraud technology.

Laurent Colombant, continuous controls and fraud manager at SAS, said, “The emergence of AI, machine learning and predictive modelling is helping investigators to pre-emptively detect fraudulent activity”. He also said that with the right AI tools and anti-fraud teams, businesses can intelligently predict fraudulent activities.

Read the original article

[1 minute read]