SAS campaigns for anti-fraud AI during awareness week

SAS has partnered with the Association of Certified Fraud Examiners to promote anti-fraud efforts during International Fraud Awareness Week.

According to a study conducted by SAS, 83% of anti-fraud professionals plan to integrate generative AI tools into their strategies over the next two years. This move aims to counter the increasing sophistication of fraudulent activities leveraging technological advances.

John Gill, President of ACFE, commented on the dual nature of AI technologies in the context of fraud. "AI technology, and generative AI in particular, has proven incredibly dangerous in the wrong hands," he noted. "According to our most recent anti-fraud technology study with SAS, 83% of anti-fraud professionals anticipate adding GenAI tools to their defences over the next two years. They're forced to keep up in what's become an escalating tech arms race with criminal enterprises – but it's an uneven playing field because, unlike their adversaries, fraud fighters must use these technologies ethically and comply with regulations."

Senior Vice President of Risk, Fraud and Compliance Solutions at SAS, Stu Bradley, highlighted the ongoing adaptation of sectors facing fraud risks: "Banks, government agencies, insurers, merchants and other businesses continue to modernise with apps and digital offerings to match public demand – and in parallel, criminals are finding and exploiting weaknesses using increasingly sophisticated tools, particularly generative AI." He emphasized the role of robust data ecosystems and the application of composite AI to enhance fraud mitigation strategies.

SAS's collaboration includes notable partners. Digital payments service provider Nets, part of the Nexi Group, uses SAS's anti-fraud technology to process billions of transactions, ensuring secure payments for millions of consumers. "With SAS Fraud Management, we can process massive amounts of data to identify unusual patterns and sift the fraudulent transactions from the authentic ones – all in real time," said Jukka-Pekka Kokkonen, Head of Fraud and Dispute at Nexi Group.

Meanwhile, in Vietnam, Techcombank has adopted a proactive fraud detection system utilising SAS's technologies. Joseph Vu, Director of Technology and Digital Risk Management at Techcombank, expressed the bank's proactive approach: "With SAS, we consolidated our fraud detection and investigation while also assigning data authorisation to the right specialists. We now act faster, more effectively and more precisely in our information sharing, reporting, business rule writing, triggering alerts and investigation."