AI for Fraud Detection to Triple by 202
The Association of Certified Fraud Examiners (ACFE) projects that the use of artificial intelligence (AI) for fraud detection will triple by 2021. At the moment a mere 13% of firms use AI for detecting fraud, but an additional 25% plan to introduce this technology over the next two years.
The use of biometrics for fraud prevention is also expected to increase. Currently, 26% of businesses use biometrics for this purpose and a further 16% plan to start doing this by 2021. Overall, the majority of organizations (55%) aim to increase spending on anti-fraud technology in the next two years.
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