Innovation Update

Mind blowing

How generative AI can help in fraud prevention and analytics

At the 34th Annual ACFE Global Fraud Conference in June, I gave a presentation, in two identical sessions, on ChatGPT and generative artificial intelligence (AI). Both sessions were standing-room-only with a combined attendance of over 1,600 in-person and online. Trust me, it wasn’t me they crowded the conference room for — it was the topic. The presentation’s popularity sent me a clear message: Fraud examiners are eager to learn about this exciting, emerging area of technological innovation.

So, for those who were unable to attend, I’d like to share the important takeaways in this column. Like many of my anti-fraud technology colleagues, I find myself immersed in a whirlwind of excitement surrounding generative AI and how it can impact fraud prevention and detection. The sheer potential of generative AI technologies has ignited a frenzy of curiosity and anticipation in all industries. The hype isn’t unfounded. It stems from the transformative capabilities that generative AI vehicles like ChatGPT bring to the table. Let’s examine what ChatGPT is, what it isn’t, and how it will indeed transform how you look and interact with your data in the very near future. 

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