Highlights from the ACFE's 2022 Anti-Fraud Technology Report

The Association of Certified Fraud Examiners, in partnership with the analytics firm SAS, recently released the "2022 Anti-Fraud Technology Benchmarking Report." The report discusses the findings of a 20-question survey that was sent to 80,011 ACFE members and follows up on an earlier benchmarking report issued in 2019. 

The report allows organizations to compare their current and future anti-fraud technology programs to their industry and region and assists with spending and training decisions within an organization.  

The report provides several valuable insights, including: 

  • 43% of organizations increased their use of data analytics in response to Covid-19.
  • Consistent with the 2019 report, the 2022 report again found that disbursements and purchasing are the two most common areas where data analytics are used to monitor potential fraud. In addition, data analytics are utilized to monitor a wide range of other risk areas including travel and entertainment expense fraud, fraud involving customer payments and financial reporting fraud. 
  • The most common anti-fraud data analysis techniques used by organizations include exception reporting, automated red flags and data visualization. 
  • The survey asked which programs are used for the various analytical techniques and Excel and was listed for each of the three anti-fraud techniques mentioned above. IDEA, ACL / Galvanize, SAS and programs developed "in-house" were also represented multiple times for the same three anti-fraud techniques, with Tableau, Power BI and SAP each listed once. 
  • Budgets and financial constraints are the biggest perceived challenges for organizations implementing anti-fraud technologies, with 78% of organizations listing these issues as a major or moderate challenge.

The main takeaway I had from the report is that while Excel is a great tool, the frequency of its use in anti-fraud controls may speak to the level of sophistication (or lack thereof) of the anti-fraud programs in place at the survey respondent's organizations. Despite the near-term challenge of budgetary constraints, the report demonstrates an opportunity for increased training and investment in more advanced data analytics tools which often result in long-term savings.  

Schneider Downs has years of experience with the technology tools listed in the report and has helped many organizations develop anti-fraud programs that address their unique needs to monitor and respond to fraud risks. If you have questions or concerns, contact Tom Pratt or Brian Webster.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2024 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

our thoughts on
Defend Your Dollars and Data: How to Avoid IRS Impersonation Scams
Frauds of the Rich and the Famous: The Star-studded Saga of Jennifer Shah
Frauds of the Rich and Famous: The FTX Collapse and the Chrisleys
Frauds of the Rich and Famous: Billy McFarland and The Fyre Festival
Fraud Week 2023: Frauds of the Rich and the Famous
Prevention and Detection – Key Methods to Protect Against Identity Fraud
Register to receive our weekly newsletter with our most recent columns and insights.
Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us
contact us

This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.