COSTA MESA, Calif., June 24, 2014 /PRNewswire/ -- Experian®, the leading global information services company, today announced the launch of the Tax Return Analysis PlatformSM (TRAP) — a new offering that will enable federal and state revenue offices to detect fraudulent tax returns that have been submitted using stolen identity credentials. This innovative tool goes beyond traditional identity verification, offering device intelligence and risk assessment and the use of proprietary data and analytics to check for fraud, potentially saving revenue agencies millions of dollars.
According to a recent report from the Treasury Inspector General for Tax Administration (TIGTA), based on fraud it currently detects, the IRS estimates tax refund fraud totals more than $19.2 billion per fiscal year. With more than 80 percent of tax returns filed electronically that require no accompanying documents, such as W-2 forms, there is an increased potential for fraud. Additionally, any in-depth evaluation is done by revenue agencies after the refund is processed.
"In today's digital world, fraudsters have the ability to file false returns and receive another taxpayer's refund prior to the legitimate filing and weeks before any fraudulent activity is discovered," said Barbara Rivera, general manager of Experian Public Sector. "Our solution flags fraudulent returns quickly, without adding significant impact or time to the government's current review process, to protect the tax payer."
TRAP uses Experian's powerful Precise IDSM identity authentication and fraud detection platform to analyze tax return data points and identify those with the highest potential fraud risk. TRAP can combine Precise ID with device intelligence to determine if a user's device is or has been involved in fraudulent activity. TRAP also can combine Precise ID with proprietary data to determine if those same stolen credentials are already being used in other fraudulent applications. The tool provides fraud scores that allow the revenue office to further authenticate identified returns through an automated process rather than manually.
Precise ID is Federal Identity, Credential, and Access Management (FICAM) –recognized under the National Institute of Standards and Technology (NIST) and trusted by numerous government and healthcare agencies to authenticate consumers prior to their access to sensitive information.
To learn more about Experian's TRAP or other authentication and fraud detection products, visit http://ex.pn/1gyB0ex.
Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2014, was US$4.8 billion. Experian employs approximately 16,000 people in 39 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
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