AI, Advanced Analytics And Biometrics Becoming Central To Fraud Detection

 Wednesday, July 10, 2019

 Digital Insurance

The use of artificial intelligence for fraud detection will triple by 2021, and advanced analytics and biometrics are becoming central to anti-fraud programs.

That is the finding of a new survey by the Association of Certified Fraud Examiners (ACFE) in partnership with analytics software company SAS. The report examines data provided by more than 1,000 ACFE members about their employer organizations’ use of technology to fight fraud.

While only 13 percent of organizations use AI and machine learning to detect and deter fraud, another 25 percent plan to adopt such technologies in the next year or two.

About one quarter of the organizations (26 percent) use biometrics as part of their anti-fraud programs, and another 16 percent foresee deploying biometrics by 2021.