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.
Read more: AI for Fraud Detection to Triple by 2021
