The company said budget constraints hinder fraud prevention initiatives in the public sector and many agencies struggle with a lack of information sharing and have to rely on manual processes, according to a company statement.
“It’s critical that public sector organizations overcome the challenges of siloed information systems, lack of information-sharing, and manual, time-intensive reporting to reduce the financial burden of fraudulent activities,” said Gerald Cohen, president and CEO of Information Builders.
Its fraud detection and prevention framework utilizes real-time data integration and analytics tools designed to help users consolidate data from various sources such as cloud-based information and social media.
The solution is also meant for organizations to identify trends that suggest possible fraudulent activity and use predictive models in claims and payment request processing.
The Louisiana Department of Social Services uses the framework for its supplemental nutrition assistance program that serves nearly 1 million people in the state.
However, at least 4 percent of the program’s $1 billion funds annually are fraudulently sold or acquired, according to the Agriculture Department.
The state partnered with Information Builders to reduce fraud transactions using the framework’s mapping features to spot patterns by geographic region.
“Not only does our solution enable organizations to more easily detect suspicious activities, but also frees up valuable resources to focus on the subsequent investigations and legal actions,” Cohen said.