Identity theft and risk management programs are essential for businesses that work to verify the legitimacy of customers at every stage of the business cycle. In addition to businesses and financial institutions, government agencies must also tackle the threat of identity fraud in a number of ways. Identity theft and other forms of fraud are attempted every day and result in the loss of billions of dollars for the government each year. According to the Tampa Bay Times, the IRS paid out an estimated $3.6 billion in potentially fraudulent tax returns in 2012 alone. With robust identity verification and fraud prevention tools, governmental agencies can make sure that citizens are protected from identity theft and fraud moving forward. All while ensuring a positive overall experience for the legitimate consumer.
Every year, a countless number of Americans become victims of identity fraud when they go to fill out their taxes. Often, fraud is committed when criminals file tax returns using someone else’s personal identifiable information (PII). Utilizing a comprehensive identity verification and fraud prevention platform helps government agencies assess risk by gaining transparency into what the data really means. Then, government institutions can detect and deter fraud based on identity, activity, location and device based attributes.
Unemployment insurance and benefits are reserved for those that are truly in need. However, these services are also targets for fraudsters. Filing false claims and receiving benefits under someone else’s name cost agencies in money lost. In addition, it puts legitimate citizens at risk because their accounts and identifying information could be compromised.
Law Enforcement Investigations
During an investigation, time is of the essence. Law enforcement agencies rely on databases and technology to help identify, locate, and track suspects or potential victims. Since technology has become such a crucial element of the investigative process, it is important that the information available to agencies is up-to-date. Since criminals often use aliases and may assume another’s identity while committing a crime, it is imperative to be able to sort out who is who.
Solutions for Governments Facing Identity Risk
Implementing identity verification solutions allows governmental agencies to take real-time control over the verification process so they can expedite legitimate claims, returns, and accounts while fighting back against fraud. Taking the necessary steps to reduce risk benefits citizens, organizations, and the economy by saving time, money, and energy after fraud is committed. Monitoring behaviors and evaluating risk ahead of time cuts down on the amount of instances of fraud and increases the probability of discovering a case before it falls through the cracks.
IDology, Inc. is a private, business-to-business identity and age verification solutions provider. Working with businesses, financial institutions, and governments worldwide, IDology provides an innovative technology solution for verifying an individual’s identity and preventing fraud in customer-not-present scenarios.
1. Thurston, Susan, “Identity theft creates havoc with tax refund,” Tampa Bay Times, 20 September 2014, Web, 23 September 2014.