Find out more about why creating a single customer view of financial crime risk management is an essential component in securing the future of your organisation and how a digital ID scheme could work, benefiting banks and financial organisations. This edition of Connect magazine includes articles and features from our partners such as Emailage and Equifax.
Staying ahead of an increasing caseload of applications for benefits or services is a significant challenge for local authorities and other Government organisations today. Coupled with the need to reduce their exposure to fraud and mistaken payments and streamline processes, local authorities and public sector organisations are coming under increased pressure to reduce losses and increase efficiencies.
Housing benefit overpayments are the highest recorded at 6.4% in 2017
2% of expenditure overpaid in 2016/17 amounting to £3.6bn of overpayments
Universal Credit overpayments have increased due to a rise in official error
Working with the UK Cabinet Office, Synectics Solutions has developed the National Fraud Initiative (NFI), a data matching solution that combats and prevents fraudulent activities for public sector organisations and local authorities.The NFI has ran every two years since 1996 and matches electronic data across public and private sector bodies. To date, it has been used to identify fraud and overpayments totalling over £1.4 billion.Synectics Solutions has developed a number of tools focused on preventing fraud losses before they occur, utilising the experience and insights that the National Fraud Initiative can offer.
The NFI exercise has helped to identify fraud and overpayments totalling over £1.4 billion
The NFI currently yields a return on investment of up to 820% for many public sector organisations or authorities
NFI data is provided by over 1,300 participating organisations and consists of 23 different data sources
Read a range of articles and reports, all crafted by the experts at Synectics Solutions, where you can uncover the latest insights and trends in your sector, and understand how developing technologies are shaping today’s organisations.
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