Is your agency ready for the new nature of fraud?
By SAS
How to identify the blind spots that make your agency vulnerable to fraud, and reduce budget deficit this way.
What makes things worse is that fraud has evolved to be harder to detect. Today, fewer government processes and data are paper-based, which means that fraudsters can operate online with increasingly sophisticated techniques. They could come from foreign jurisdictions without extradition treaties.
Traditional fraud detection isn’t enough. Agencies need to move away from a siloed approach, according to a whitepaper by data analytics experts SAS.
They display three weaknesses when fighting fraud:
1. Poor data integrity: If agencies have historically not shared data, their datasets will be unreliable and allow fraudsters to fall through the cracks
2. Disconnected systems: If agencies can only act on their own transaction or entity-level data, they will not be able to have a broad view of all data to analyse to detect cross-programme fraud
3. Limited analytic capabilities: Agencies tend to rely on a narrow set of rules and
basic analysis to detect fraud, while modern-day fraudsters are increasingly using advanced technologies to elude detection
One solution is to use a hybrid approach. In Belgium, this has helped to nearly eradicate carousel fraud. The Special Tax Inspectorate cut fraud losses by 98 percent, saving the government nearly 1 billion euros a year, according to Yannic Hulot, director of the tax authority.
Learn more about this, and other case studies, in the white paper today. Complete your details below to receive a copy: