Fraud Week 2024, held from November 17–23, spotlighted the rise of AI-driven fraud and efforts to counter it. SAS, in partnership with the Association of Certified Fraud Examiners (ACFE), emphasized the need for advanced analytics and ethical AI practices to outmaneuver fraudsters.
ACFE President John Gill warned, “AI technology, and generative AI in particular, has proven incredibly dangerous in the wrong hands,” noting that 83% of anti-fraud professionals plan to adopt GenAI tools within two years. A webinar during the week discussed future-proofing fraud defenses and utilizing GenAI to bolster trust and responsibility in anti-fraud programs.
Financial Crime
Organizations worldwide demonstrated AI’s effectiveness in combating fraud. Nets, a digital payment service, uses SAS Fraud Management to process vast amounts of data in real time, identifying fraudulent transactions within milliseconds. “The SAS solution allows us to adapt as needed to battle changing threats,” said Jukka-Pekka Kokkonen, Nexi Group’s Head of Fraud and Dispute.
Mexican insurer Quálitas leverages AI models from SAS to detect claims fraud, maintaining low premiums while delivering fast, reliable service. Rene Abdala, its Director of Strategic Planning, remarked, “The challenge for us is to use our data to answer questions and make better decisions.”
Vietnam’s Techcombank implemented SAS solutions to reduce fraud detection time to seconds. “We now act faster, more effectively, and more precisely,” said Joseph Vu, Director of Technology and Digital Risk Management.
Modernisation
Malta’s Tax and Customs Administration modernized its compliance efforts using SAS® Viya®, transitioning from manual processes to data-driven decisions. Commissioner Joseph Caruana stated, “Now, audits are much faster and more effective because they are based on cross-referenced data.”
The event underscored the growing need for innovation and collaboration to counteract the escalating sophistication of fraud, especially in the age of generative AI.