Coronavirus scams are proliferating. Smart tech can stop them.

“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.“

https://www.americanbanker.com/opinion/coronavirus-scams-are-proliferating-smart-tech-can-stop-them

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