Fraud is everywhere – and it’s costing the government nearly $300 billion annually. While the threat of fraud is nothing new, advancements in technology continue to change the game. As the government focuses on creating innovative strategies to combat fraud, thieves are focused on staying a step ahead. Sometimes it’s hard to tell which side has the advantage. Identity thieves and others who cheat the government are working on an industrial scale, devising complex scams that include hundreds of accomplices. To stop them, agencies are using predictive analytics – giving them the power to see the future, answer questions they did not even know they had, and detect anomalies within their systems. As these predictive models and algorithms advance, it allows agencies to better prevent and detect fraud, improve program efficiency, and mitigate risk.
- Are agencies using emerging data analytics and real-time monitoring tools effectively to combat fraud, waste, and abuse?
- How can the latest Fraud Risk Management Framework from GAO help agencies reduce waste and abuse while still leveraging the latest technologies?
- How can agencies increase their agility implement these cutting edge tools in a timely and beneficial manner?