Conduent Introduces VeriSight Identity Validation and Bank Account Owner Verification Solutions to Combat Fraud and Strengthen Government Aid Programs
Conduent Incorporated (Nasdaq: CNDT) has launched VeriSight solutions to assist federal and state agencies in combating benefits fraud. These solutions include identity verification and bank account validation to prevent fraudulent disbursements. They aim to mitigate vulnerabilities seen during the COVID-19 pandemic, which reportedly saw $163 billion in improper unemployment benefits. VeriSight can aid in identifying fraud ring activity, helping agencies reclaim stolen funds. With over 100 payment card programs managed, Conduent disbursed $125 billion in payments in 2021.
- Launch of VeriSight solutions to combat benefits fraud.
- Ability to verify identities and validate bank accounts, preventing fraud before disbursement.
- Assists agencies in reclaiming stolen funds by identifying fraud ring activities.
- Conduent manages over 100 payment card programs, demonstrating established credibility.
- Disbursed $125 billion in payments in 2021, indicating strong operational capacity.
- Challenges in preventing a multi-billion dollar unemployment fraud issue, highlighting systemic vulnerabilities.
- The need for solutions indicates previous weaknesses in fraud detection and prevention.
VeriSight can help federal and state agencies confirm the identities of program beneficiaries
Solutions are designed to detect identity fraud at enrollment and, where applicable, bank account ownership before benefits are disbursed
In addition to fraud prevention, VeriSight can help state and federal agencies identify fraud ring activity to aid in the investigation and prosecution of perpetrators and reclaim stolen funds
FLORHAM PARK, N.J., Dec. 01, 2022 (GLOBE NEWSWIRE) -- Conduent Incorporated (Nasdaq: CNDT), a global technology-led business process solutions company, today introduced its VeriSight solutions to help federal and state government agencies combat benefits fraud and strengthen public aid programs nationwide.
The VeriSight solutions – an expansion of Conduent’s current capabilities in government payments – provide robust identity verification and validate bank account ownership before transactions are completed and benefits are disbursed. VeriSight analysis tools also can assist state and federal agencies in identifying fraud ring activity to aid in investigating and prosecuting perpetrators and reclaiming stolen funds.
Public programs that can benefit from Conduent’s VeriSight solutions include:
- Unemployment Insurance (UI)
- Temporary Assistance for Needy Families (TANF)
- Supplemental Nutrition Assistance Program (SNAP) / Electronic Benefits Transfer (EBT)
- Women, Infants and Children (WIC) EBT
- State Supplemental Insurance
- Child Support
- Department of Revenue programs
- Other constituent benefit programs
Unemployment fraud alone is a multi-billion-dollar challenge nationwide, as was the case during the COVID-19 pandemic. A report from the U.S. Department of Labor’s Office of Inspector General found that at least
Conduent’s VeriSight solutions are designed to be configurable, providing a range of services to meet agency needs, from investigations to ongoing fraud prevention. They can also help states quickly resolve claims of identity theft. The suite includes the following:
- Identity Verification: These solutions verify applicant identities, helping to catch fraud attempts before funds are disbursed. Fact-based authentication at the enrollment and eligibility stage can detect perpetrators using false or stolen identity information.
- Payment and Disbursement Account Validation: Building on Conduent’s proven experience in transferring and depositing billions of dollars on behalf of clients, this solution verifies that funds and transfers reach their rightful recipients and bank accounts, with automated tools to prevent fraudulent transfers.
“The massive rise in government benefits enrollments during the pandemic strained many states’ abilities to mitigate the corresponding rise in application fraud,” said Mark King, President, Government Solutions at Conduent. “Working in partnership with our clients to deliver these critical benefits, we provide more effective solutions that can help state agencies and law enforcement officials combat fraud and strengthen a range of aid programs.”
Conduent manages more than 100 payment card programs on behalf of dozens of state and federal agencies. In 2021, it disbursed a total of
About Conduent
Conduent delivers mission-critical services and solutions on behalf of businesses and governments – creating exceptional outcomes for its clients and the millions of people who count on them. Through our dedicated people, processes, and technologies, Conduent solutions and services enhance customer experience, increase efficiencies, reduce costs, and improve performance for most Fortune 100 companies and more than 500 government entities. Whether it’s touching three out of every four health insured lives and delivering
Media Contact:
Sean Collins, Conduent, +1-310-497-9205, sean.collins2@conduent.com
Neil Franz, Conduent, +1-240-687-0127, neil.franz@conduent.com
Investor Relations Contact:
Giles Goodburn, Conduent, +1-203-216-3546, ir@conduent.com
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FAQ
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