1. White Stains

White Stains

Artificial intelligence and predictive analytics could emerge as the future of white-collar fraud control

By: | Published: October 22, 2016 6:17 AM
cuffs-l-reu The use of artificial intelligence and predictive analytics could emerge as the future of fraud control. (Source: Reuters)

The government may or may not do better in the ease of doing business rankings to be released a week from now, given its track record on curbing corruption cases, but according to The changing dynamics of white-collar crime in India report from EY, the problem lies elsewhere as businesses are engaging more in high-tech white collars crimes. The paper states that “fraudsters today are motivated by greed and financial gain more than ever before, exhibiting deviant and exploitative behaviour” and are finding innovative modes using social media channels to obtain kickbacks and favours. More important, is the fact that the average age of fraudsters is getting lower.

Though the report highlights that India has done better than last year in terms of business engaging in fraud—the number of businesses has come down from 68% in 2014 to 58% in 2016—it points that “sweeping changes”, alongwith “ramping up of skill-sets” of anti-fraud fighting professionals in India, are required to mitigate future threats and risks. It highlights that the use of forensic data analytics can mitigate, detect, monitor or investigate potentially improper transactions. The use of artificial intelligence and predictive analytics could emerge as the future of fraud control. While the government has launched some laws to counter these new-age white-collar crimes, it would need to do so by creating a new infrastructure supporting forensic techniques.

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