Innovation Update

Are data-sharing consortiums the future of anti-fraud?

More organizations are collaborating with data-sharing consortiums to safely exchange fraud risk profile information that could improve their internal prevention and detection activities. Here’s an interview with Matt Galvin, global VP of ethics and compliance at Anheuser-Busch (AB) InBev, who discusses how cross-company collaboration might affect the anti-fraud profession.

In 2019, the ACFE and SAS Institute released the Anti-Fraud Technology Benchmarking Report, derived from the answers to a 19-question survey sent to 41,181 randomly selected ACFE members. More than 1,000 responded. One question that caught my attention was, “Are organizations contributing to data-sharing consortiums to help prevent or detect fraud?” I was surprised to learn that more than a quarter of the respondents (29%) do contribute to some form of data-sharing consortium that feeds particular data into an aggregated database that all member organizations can access.

According to the report, consortiums design these initiatives to help member organizations benefit from the collective data by identifying trends and protecting themselves from known threats. Another 21% reported they don’t contribute to a consortium but would be willing to do so in the future. (See the figure of the cover and graph from the 2019 ACFE Anti-Fraud Technology Benchmarking Report above.)

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