The biannual Association of Certified Fraud Examiners “Report to the Nations” has repeatedly concluded that the longer fraud schemes remain undetected, the greater the losses for the victimized organizations. According to the 2022 report, the average fraud lasts 12 months and leads to a median loss of $117,000. But schemes that last 25 to 36 months result in a median loss of $300,000, and if fraudsters are able to conceal their theft for five years, the median loss rises to $800,000. Fortunately, advancements in artificial intelligence (AI) and machine learning (ML) have changed the landscape of fraud detection — and shortened the lifespan of fraud schemes. What do these terms mean, and how does the technology help organizations fight fraud? Explaining the technologies AI simulates human intelligence and...