“If less than 1% of money launderers were caught before this crisis, imagine how pervasive financial crime will be after it.
The risk of fraud almost always increases during times of large-scale emergency spending. By one government estimate, 16% of the $6.3 billion in relief distributed to victims of Hurricane Katrina and Hurrican Rita was spent improperly.
New AI and ML technology can screen a population’s entire online and public presence in a matter of seconds, identifying false narratives that signal a need for further investigation. For example, if someone claims to run a 20-person company but has a web presence indicating a one-person company, that’s a red flag.“