How Can Technology Enhance the Efficiency of Fraud Detection in Financial Planning?

According to the most recent case study from ACFE, 26% of organizations have begun using biometrics in their anti-fraud strategy, and an additional 16% plan to do so in the near future.

For certified fraud examiners, technological disruption always creates new opportunities to identify irregularities or vulnerabilities in an organization. However, technological development also benefits fraudulent actors with cutting-edge tools to bypass even the most sophisticated security posture.  Fraudulent sources use technology to their advantage as they move around and identify various weak points in businesses. Therefore, certified fraud examiners are trained in best practices, tools, and techniques to overcome the looming challenges,  and select the right ones to assist businesses in managing fraud and addressing potential threats. 

• A certified fraud examiner combines data monitoring, surprise audits, artificial intelligence, and anomaly detection protocol tools with automated monitoring. When combined, these effective methods and technologies offer a potent mix for identifying, mitigating, and preventing fraud risk and the loss that goes along with it. The most popular tech tools used by certified fraud examiners are for data extraction, analysis, visualization, and insight-finding. 
• Another efficient method for processing data, minimizing lead times, and transforming unprocessed data into sets of data that can be analyzed with artificial intelligence (AI). A certified fraud examiner can use artificial intelligence to detect and prevent fraud by staying one step ahead of fraudsters through deep learning and neural network frameworks.
• Digital forensics assists in both preventing fraud and resolving intricate fraud cases. This tool indicates the goal of a fraud investigation as well as the resources needed to complete the job. After gathering information, it analyses, records, and presents the findings while isolating the data to keep it safe and secure. 

Data volume is growing and migrating to the cloud, making it more susceptible to fraud risks. In such a situation, technology aids in the assessment, reworking, rescoping, and handling of the complex scope of the fraud landscape by qualified fraud examiners and their response teams. It can be difficult to predict what the future holds for anti-fraud tactics, but data analytics, blockchain, robots, and online evidence collecting are technologies that can be used as an