Fraud at Government & public institutions
While state governments and the federal government have mechanisms in place to prevent being a victim of fraud, criminal minds and professional fraudsters can still game the system.
For example, tax cheats cost the United States government $1 trillion.
Common types of fraud seen at government agencies:
Disability insurance fraud
Unemployment insurance fraud
Family and Medical Leave Act (FMLA) fraud
One type of fraud always in the spotlight is healthcare fraud. According to the National Health Care Anti-Fraud Association, the country suffers around $68 billion in losses annually due to health care fraud. This is a conservative estimate and puts the risk at 3 percent of the nation’s $2.26 trillion spending in health care. Finding errors and detecting fraud can be a challenge for state governments, given the large volumes of data. Technologies such as fraud detection solutions that use AI, data analytics, cloud, and machine learning can help and keep government fraud in check.
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How can Aquila Help Government Agencies Fight Fraud?
Aquila is a fraud detection and prevention solution that complements the different anti-fraud mechanisms of the government. Here’s how it can help your institution:
Detect Fraud with Precision
It will consistently pinpoint the problem and even help lower the risk of fraud using predictive analytics.
Offer a Consolidated View of Fraud Risks
Increase Fraud Detection Efficiency and Lower Costs
Optimize and Secure Processes for a Better Public Sector Customer Experience
With a better understanding of fraud in government and the accurate detection of these problematic transactions, your agency will be able to optimize your operations to help secure the public coffers. This helps address public trust issues and public sector customer experience. With the people seeing how their money works, compliance with rules may also improve.
Aquila is Your Partner in Fighting Fraud
Aquila is all about timely, accurate, and painless fraud detection and prevention. Let our AI platform help your government agency eliminate fraud and help you improve public trust. Contact us