The 2024 Anti-Fraud Technology Benchmarking Report, developed by the Association of Certified Fraud Examiners (ACFE) in partnership with SAS, highlights a significant trend in the fight against fraud. Drawing on survey data from nearly 1,200 ACFE members, this report underscores the growing interest and gradual adoption of generative artificial intelligence (AI) and machine learning (ML) in anti-fraud measures.

Generative AI: A New Frontier in Anti-Fraud Strategies

An overwhelming 83% of anti-fraud professionals anticipate integrating generative AI into their strategies within two years, marking a peak in interest since the survey's inception in 2019. This enthusiasm is mirrored by the data, showing a projected threefold increase in AI/ML utilization in anti-fraud programs over the next 24 months. Despite this keen interest, actual adoption has been slow, with only an 18% uptake among organizations—a mere 5% growth since 2019.

The Evolving Anti-Fraud Tech Landscape

The report not only sheds light on AI and ML, but it also reveals an uptick in the use of biometrics and robotics in fraud prevention efforts. Biometrics usage has increased by 14% since 2019, with 40% of respondents utilizing this technology. Robotics has seen a substantial rise from 9% in 2019 to 20% in recent years. This diversification of tools points to a broadening arsenal against fraud, even as the adoption of certain data analysis techniques has plateaued.

A Comprehensive Resource for Anti-Fraud Professionals

The report is complemented by SAS' online data dashboard, offering an in-depth analysis of anti-fraud tech trends across various industries and regions. This tool is invaluable for professionals seeking to tailor their anti-fraud strategies with the latest insights and data.

Navigating the Future of Fraud Prevention

The findings from the 2024 Anti-Fraud Technology Benchmarking Report signal a pivotal moment in the fight against fraud. As organizations navigate the complexities of implementing generative AI and other advanced technologies, the insights provided by the ACFE and SAS serve as a roadmap for strategic investment and ethical application. The potential of these technologies to revolutionize fraud prevention is immense, offering the promise of more accurate, efficient and comprehensive defenses against fraud, provided organizations first navigate the ethical and implementation challenges ahead.

Discover more about the evolving landscape of anti-fraud technology and how your organization can stay ahead in the fight against fraud by visiting the 2024 Anti-Fraud Technology Benchmarking Report.

Explore the report