The Future of Fraud Risk Management and the Use of Robotics

The Future of Fraud Risk Management and the Use of Robotics

A recent Reuters article about the “expense report of the future” included a discussion about the future of fraud risk management and the use of robotics. Though not a new discussion, this article highlighted the most common uses of the technology without using the trendy approach of claiming robots are taking over.

Read More

How Data Analytics Can Illuminate Fraud Schemes

How Data Analytics Can Illuminate Fraud Schemes

Organizations that implement proactive data monitoring detect frauds 58% faster and experience losses that are 52% lower than organizations that don’t, according to the ACFE’s 2018 Report to the Nations. As these numbers indicate, harnessing your organization’s data can have a significant impact on your efforts to detect and prevent fraud. But introducing data analytics into your fraud-fighting toolbox is not a cut-and-dried process. There’s no universal checklist to follow. Every organization has different data to work with, and unique priorities and organizational goals. It takes a hands-on approach to figure out what will work best for you and your organization.

Read More

Why Video Analytics Is the Next Big Weapon to Fight Fraud

Why Video Analytics Is the Next Big Weapon to Fight Fraud

Payment card fraud detection involves banks and financial organizations leveraging analytics to delve into card transaction data and build counter-fraud models. Over the years, the discipline of fraud analytics has evolved to crafting machine learning algorithms which recognize highly complex fraud patterns in enormously large volumes of records.

Read More

How Artificial Intelligence Uncovered Evidence of Fraud

How Artificial Intelligence Uncovered Evidence of Fraud

While many industries have adopted artificial intelligence (AI), mostly in the tech sector, it’s adoption rate in financial services has been relatively slow. Even though AI is far from a pipe dream, 76% of banking CXOs agree that adopting AI will be critical to differentiate in the market, the technology tends to conjure up images of sci-fi movies, with ambitious computers replacing humans. The reality of AI is much more collaborative and effective.

Read More

3 Ways to Use Data and Technology Proactively

3 Ways to Use Data and Technology Proactively

One aspect of fraud examinations that is constantly changing is the use of technology for fraud prevention and detection, with an emphasis on detection. From rules-based systems, fraud analytics and artificial intelligence-based programs, examiners look to increase the effectiveness and efficiency of their work through the use of technology. However, it is critical to the management of fraud risk that examiners focus more of their efforts on the use of data and technology on the mitigation of fraud risk.

Read More