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Deloitte Romania and SAS experts: New anti-fraud technology solutions emerge, but companies must ensure cooperation between compliance and anti-fraud departments

May 27, 2020

A typical fraud case lasts 14 months before detection and causes a loss of over $8,000/month, according to the Association of Certified Fraud Examiners (ACFE) 2020 Report to the Nations. When considering today’s financial landscape, where transactions happen under one second, and the current age of economic turmoil that COVID-19 has caused on a global scale, these challenges and risks become all the more threatening, underlined Deloitte Romania and SAS experts in a series of webinars on fraud detection, anti-money laundering (AML) and use of analytics for these fields. However, there are reasons to be optimistic, as 55% of organizations expect to invest more in anti-fraud technology over the next two years, according to ACFE’s 2020 Anti-Fraud Technology Benchmarking Report, and new approaches to fraud prevention emerge, combining rules-based systems with machine learning and AI-based fraud detection systems that enable the identification of thousands of fraud patterns.

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