On Point Technology’s Fictitious Employer (FE) FraudX solution scores and ranks employers based on numerous attributes that have been proven to identify Fictitious Employers. The higher the FraudX score, the more likely that the employer is fictitious and being used as a front to receive unemployment money fraudulently.
Fictitious Employer FraudX allows UI agencies to efficiently manage their fraud detection workforce by scoring results, a feature that enables investigative resources to prioritize cases with the highest FraudX score. In a recent FE FraudX deployment, over 80% of the top FraudX scores were identified as Fictitious Employers.
Fictitious Employers have become increasingly common as fronts to receive unemployment insurance funds fraudulently. On Point Technology Fictitious Employer FraudXTM addresses this problem head-on and ensures that Fictitious Employers are detected early, minimizing trust fund losses, reducing employer pool charges, and helping safeguard the true-identity owner.
Investigations: Gives staff a targeted list of fake employers/claimants to investigate.
Collections/Overpayments: Catches fraud early and quickly, minimizing payouts of claims and the value of OP amounts due.
Post Claims Audit: The product is not part of the claims-taking lifecycle, but instead provides a post-audit that uses tax and benefits data – including claim information – to identify employers most likely to be phony.
ID Theft Verification: Once a fictitious employer is identified, the likelihood increases that the SSNs of the “employees” have been stolen.
The attributes used by the FraudX algorithm, as well as the relative weights that are given to individual attributes, can be adjusted based on individual state characteristics as well as the accuracy of results returned as the report is run.
SWA’s can have an instance of On Point’s Identity Proofing application activated and stopping fraud within days. With OPTimum Integrity Cloud, months-long implementations are a thing of the past. Our suite of products is architected for rapid days-long deployment within a state workforce agency.
OPTimum Integrity Cloud is designed to allow the Identity Proofing layer to be delivered as an OnPoint-hosted cloud solution utilizing AWS FedRamp on GovCloud or as an “on-premises” state-based public or private cloud solution. An OPTimum AWS hosted cloud solution can be made available almost instantaneously and can rapidly scale up as the state’s claims load increases. If an on-premises deployment is preferred, we will work with state internal teams or IaaS providers to assess and set up the required environment, undertake the required knowledge transfer, and deploy the solution with a high level of efficiency and quality.
Fraud continues at record levels while trust funds are dangerously low and being depleted at an unprecedented rate. OPTimum Integrity Cloud with Identity Proofing will have an immediate impact on stopping fraud. Book a virtual demonstration today by calling 866.482.0189 or emailing email@example.com
We look forward to demonstrating how OPTimum Integrity Cloud can help transform fraud detection in your state.
STATE A – Benefits and Tax ID Theft FraudX
— During a controlled pilot and estimate
$2,500,000 of potential Overpayments were detected
$19,000,000 OP overpayments prevented
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