Fighting fraud throughout the customer payment lifecycle
As unemployment claim volumes have surged during the pandemic, funds lost to fraud have surged along with them. The Labor Department inspector general’s office estimates that more than $63 billion has been paid out improperly through fraud or errors since March 2020. Domestic and international fraud operators have exploited system vulnerabilities by using various tactics, such as using true name fraud to steal the identities of unknowing individuals, taking over bank accounts, siphoning debit card balances and diverting funds to improper accounts. Nearly every government program that sends out payments, from TANF to tax refunds, has experienced some level of attempted or successful fraud. The good news is that upfront safeguards can detect and often prevent fraudulent claims – often before even a dollar is wrongly disbursed.
Identity Verification Solutions
Ensuring that applicants for benefits are who they say they are, catching fraud attempts before even a dollar is disbursed.
Payment and Disbursement Account Validation Solutions
Confirming that a person receiving payment is an authorized signer or owner of that account before transferring funds.
Continuous Fraud Monitoring Solutions
Continuously monitoring transactions for anomalous behavior, flagging potential fraud transactions to ensure account safety and integrity.
Programs that can benefit from VeriSight Identity and Transaction Verification Solutions:
- Unemployment Insurance (UI)
- Temporary Assistance for Needy Families (TANF)
- Supplemental Nutrition Assistance Program (SNAP) EBT
- Women, Infants and Children (WIC) EBT
- State Supplemental Insurance
- Child Support
- State Treasury programs
- Other constituent benefit programs