{"id":599725,"date":"2023-01-21T06:49:39","date_gmt":"2023-01-21T12:49:39","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/21\/how-ai-and-data-enrichment-can-protect-the-vulnerable-during-a-recession\/"},"modified":"2023-01-21T06:49:39","modified_gmt":"2023-01-21T12:49:39","slug":"how-ai-and-data-enrichment-can-protect-the-vulnerable-during-a-recession","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/21\/how-ai-and-data-enrichment-can-protect-the-vulnerable-during-a-recession\/","title":{"rendered":"How AI and data enrichment can protect the vulnerable during a recession"},"content":{"rendered":"

A widespread recession, while not a certainty, seems increasingly likely in the years ahead. A recent Hanover Research survey showed that<\/a> 85% of financial leaders are planning for an impending recession. Furthermore, one Morgan Stanley<\/a> strategist says that a recession is already underway in the world\u2019s major economies.\u00a0<\/p>\n

In short, tough financial times are ahead.<\/p>\n

History shows that incidents of fraud increase during times of recession and financial shock. The data supports this: During the global financial crisis, the Association of Certified Fraud Examiners (ACFE) conducted a survey<\/a> of fraud experts. More than 55% said that fraud levels increased during the crisis.\u00a0<\/p>\n

The same happened during the first year of the Covid-19 pandemic. UK Fraud<\/a> found that some types of financial fraud almost doubled in 2020. Impersonation scams, involving fraudsters posing as \u201ctrusted organizations\u201d were a particular problem.<\/p>\n

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With a recession almost certainly on the horizon, there\u2019s little doubt that criminals are already hard at work planning ways to exploit widespread financial fear. Some people are inherently more vulnerable to their scams, especially those designed to prey on hope and desperation.\u00a0<\/p>\n

So, what can companies do to protect their vulnerable customers and wider society? Do technology and intelligent use of data provide the answers?\u00a0<\/p>\n

To find out, let\u2019s first let\u2019s look at how fraudsters set out to exploit the vulnerable in times of crisis.<\/p>\n

How do fraudsters target the vulnerable?<\/h2>\n

As mentioned above, impersonation scams were a particular trend during the pandemic. For example:<\/p>\n