Fraudsters know a good opportunity when they see one. Whether it is taking advantage of patients in healthcare settings to phishing information from deployed employees through fake interactions – they are always looking for ways to work the system. This was true during the pandemic as well. Reuters brought this interesting topic to our attention in their article, “A better way to fight fraud with data analytics.”
So far during the COVID-19 pandemic, more than $4 trillion was distributed through various government programs. Almost instantaneously, fake businesses began applying for Paycheck Protection Program (PPP) loans, bogus websites started selling fake or nonexistent personal protective equipment (PPE) and thousands of unqualified people tried to collect unemployment checks in any way they could.
In 2020, the US Department of Justice reclaimed $360 million in fraud related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but hundreds of additional cases are currently under investigation.
Even in the best of times, most government agencies are using outdated technology to fight a class of criminals that is getting smarter and more technologically sophisticated by the day.
Melody K. Smith
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