Public sector fraud prevention saves millions but more needs to be done
Press Release | 23rd November 2016
Reading, UK – 23rd November 2016: The UK Government has saved over £220 million in the last two years by identifying fraud, overpayments and errors through the use of data analysis, according to the latest National Fraud Initiative Report 2016. Now participants in the scheme are being encouraged to use NFI analysis in conjunction with services from alternative providers to make even more savings.
The report, which covers the period April 2014 to March 2016, revealed that across the UK, £222 million of overpayments, fraudulent payments or errors were detected through data matching facilitated by the NFI. In addition to the pension, council tax and welfare benefit fraud which formed the bulk of the overpayments, the participating organisations also identified £4.2 million in creditor overpayments in England. Only two thirds of the fraudulent or incorrect creditor payments were recoverable.
David Griffiths, Chief Executive Officer of FISCAL Technologies, the world-leading provider of accounts payable forensic software, says: “The NFI is helping public sector organisations recognise and prioritise cost savings from identifying and preventing fraud and overpayments. These savings were made using relatively simple data matching techniques. With specialist fraud and overpayment detection technology, the public sector could vastly improve their investigative capacity and magnify their savings.”
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About FISCAL Technologies:
FISCAL Technologies is the leading provider of forensic solutions that empower purchase-to-pay teams across the globe to protect organisational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL solutions are used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
Since 2003, FISCAL has safeguarded hundreds of millions of payments and is now relied on by over 250 leading organisations.
For more information, please visit www.fiscaltec.co.uk.
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