Last month I attended the 34th annual ACFE Global Fraud Conference in Seattle. It may be difficult to imagine something like a fraud conference being exciting, but I walked away astounded, not so much by new examination techniques, reports from the latest research, or auditing tips. Rather, it was the hot topic of the day that took me by surprise.
The world of fraudsters has now been empowered by AI.
Traditionally, fraudsters had to actually have 'some skills' to rip people off, yet now it's a no-brainer to come up with new schemes. What AI has done in the world of fraud is extraordinary!
No programming skills? No worries. AI can hack for you. Don't speak English well enough to create a good phishing email? AI's got you covered.
Maybe the most astounding issue is that the use of AI in fraud has actually produced a new thing - "Fraud as a Service." Yep, you heard correctly. Fraud as a Service is a real thing. Fraudsters can now sell fraud services to potential perpetrators - people without skills entering the fraud industry with a leg up on deceiving and stealing from the public and employers.
Most businesses don't like to deal with fraud, even though it can be quite costly and put a dent in their bottom line. It's as though fraud is a dirty word in the commercial sphere.
I enjoy fraud research, prevention, training, and even detection.
To me, it feels like something I was born to do.
If you have concerns about your business' vulnerability to fraud, give me a jingle. I'd love to help out!
Susan Brooks, MBA, CFE
Noble Accounting of Tulsa
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