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STUDY: AI FOR FRAUD DETECTION TO TRIPLE BY 2021

Advanced analytics and biometrics becoming central to anti-fraud programmes, reveals survey by the Association of Certified Fraud Examiners, in partnership with SAS

 

While only 13 per cent of organisations use artificial intelligence (AI) and machine learning to detect and deter fraud, another 25 per cent plan to adopt such technologies in the next year or two – a nearly 200 per cent increase. Fraud examiners revealed this and other anti-fraud tech trends in a cross-industry, global survey by the Association of Certified Fraud Examiners (ACFE), developed in collaboration with analytics leader SAS.

 

The inaugural Anti-Fraud Technology Benchmarking Report examines data provided by more than 1,000 ACFE members about their employer organisations’ use of technology to fight fraud. Other notable trends include:

 

  • The rise of biometrics. About one in four organisations (26 per cent) use biometrics as part of their anti-fraud programmes; another 16 per cent foresee deploying biometrics by 2021.
  • Increasing budgets. More than half of organisations (55 per cent) plan to increase their anti-fraud tech budgets over the next two years.
  • Changing data analysis techniques. By 2021, nearly three-quarters of organisations (72 per cent) are projected to use automated monitoring, exception reporting and anomaly detection. Similarly, about half of organisations anticipate employing predictive analytics/modelling (52 per cent; up from 30 per cent) and data visualisation (47 per cent; currently 35 per cent).

 

“As criminals find new ways to exploit technology to commit schemes and target victims, anti-fraud professionals must likewise adopt more advanced technologies to stop them,” said Bruce Dorris, JD, CFE, CPA, President and CEO of the ACFE. “But which technologies are most effective in helping organisations manage rising fraud risks? The answer to this question can be crucial in successfully implementing new anti-fraud technologies.”

Dive deeper online: Trends by industry and more

Complementing the benchmarking report, SAS’ online data visualisation tool allows users to analyse survey data by industry, geographic region and company size. Survey respondents hail from 24 industries – most prevalently banking/financial services (21 per cent) and government/public administration (17 per cent) – and span the globe. The size of their employer organisations ranges from less than 100 employees to more than 10,000.

 

“The tools available for fraud prevention are now more intelligent than ever. We’re no longer restricted to merely reacting to fraud after it happens – with the right AI-enabled tools in place, anti-fraud teams can now begin to intelligently predict potential danger spots and flag up early warning signs to ensure efforts are co-ordinated and effective,” said Laurent Colombant, Continuous Controls and Fraud Manager at SAS. “The emergence of AI, machine learning and predictive modelling is helping investigators to pre-emptively detect fraudulent activity, allowing them to stay ahead of the increasingly sophisticated techniques being employed by criminals.”

 

The Anti-Fraud Technology Benchmarking Report debuted at the sold-out 30th annual ACFE Global Conference, convening more than 3,000 fraud-fighting professionals on June 23-28 in Austin, Texas. The report’s supporting sponsors include Intel and Capgemini.

 

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HALO TRUST USES ADAPTIVE INSIGHTS FOR STRATEGIC BUSINESS PLANNING

Cloud-based financial planning helps HALO Trust deliver greater benefit to communities affected by war

 

Adaptive Insights, a Workday company, today announced The HALO Trust, the world’s largest humanitarian landmine clearance organisation, employing more than 8,700 employees across 25 countries, uses Adaptive Insights Business Planning Cloud to support the charity’s continued growth with a modern business planning process. The HALO Trust joins more than 750 non-profit customers that trust Adaptive Insights for business planning, benefiting a variety of communities and causes worldwide.

 

The organisation relied on the development of financial plans utilising complex spreadsheets, which were difficult to integrate into the global planning process and inefficient when producing multiple scenarios for effective option appraisal.

 

“Being able to holistically manage real-time changes is critical to our success. With a single, powerful system in the cloud, we’ve eliminated the headache of working with siloed spreadsheets and have significantly reduced the time taken to produce high-quality financial models,” says Mick Darby, finance director at The HALO Trust.

 

For more than 30 years, The HALO Trust has kept people safe and helped communities to rebuild by clearing landmines, destroying weapons, managing stockpiles, and educating communities how to stay safe until the dangerous debris of war can be removed for good. By moving HALO’s planning and analysis process entirely to the cloud, the finance team provides the guidance necessary to support the rapid growth of the organisation, which has doubled in just the last three years. Providing globally distributed team members with an easier, faster, and standardised approach ensures that the charity’s budgets and forecasts reflect current local conditions and currencies, all rolled up into a single platform.

 

“We’re proud to provide organisations like HALO with more time to focus on the important humanitarian work they do by simplifying and modernising their business planning process,” said Robert Douglas, Europe planning director at Adaptive Insights. “By streamlining budgeting and forecasting, we’re helping to make every pound and every volunteer hour count, which in turn helps HALO maximise the impact on its mission to save and protect lives.”  

 

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IS DATA PROTECTION AND PRIVACY RELEVANT ACROSS ALL STRATA IN INDIAN SOCIETY?

A Study by Pensaar Design With CGAP

Pensaar Design has been working on a research study with CGAP to better understand low-income customers and their behaviour towards data protection and privacy (DPP). 

The objective being to understand whether customers were aware of what it meant and how it impacted them, it started out with exploratory research to gain this context.

What we found was that once you broke down the seemingly complex term and contextualised it for them, most customers quoted instances of data misuse in their own lives and those in their immediate network. 

Examples from within their own circle had actually created some level of understanding about the issue, and made it relevant to this audience. There were instances of phishing emails, of calls, and so on, and not having the benefit of sufficient awareness or education, this audience seemed, particularly at threat.

We discovered that the concept of consumer consent is particularly broken in the low-income segment in India. This is because very often these customers are in dire need of a loan or other financial solution, and at that juncture, given their urgent need for funds, often end up signing over their privacy rights without even fully realising what they’re doing!

Despite how things have been thus far, however, what we learnt was that these customers do have some degree of awareness, and are in fact concerned about their privacy and personal information and are willing to do more to protect it. 

We found that these customers are willing to pay for access to Data Protection and Privacy, or even open to investing time or effort if need be, to secure their data.

Basis these findings, we are now in the process of testing these out in the real world, to further validate these findings.

Deepa Bachu, CEO & Co-Founder of Pensaar Design, the firm carrying out the research said “We are delighted to have the opportunity to develop a really rigorous understanding of DPP among the lower-income group and the privilege of partnering with CGAP.  Our behaviour based research gave us an opportunity to continuously learn and evolve our understanding. We look forward to the next phase to further carry out behaviour-based research experiments with financial service providers.”

Maria Fernandez Vidal and David Medine, CGAP Senior Financial Sector Specialists said, “We are excited about partnering with Pensaar Design to test the degree to which lower-income consumers are willing to act to protect their privacy in their financial transactions.   Moving from simulations to marketplace financial products will further enhance our understanding of the importance of data protection and privacy to consumers.  The findings could promote industry self-regulatory efforts by making the case that privacy is good business.”

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