PRTODAY / NewswireToday Free press release distribution service network

More news: Software
Written by / Agency / Source: LexisNexis (a division of Reed Elsevier Inc.)

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

LexisNexis® Granted A Patent for its Tax Refund Investigative Solution - Patented Technology Helps Government Revenue Agencies Prevent Identity Theft-related Tax Refund Fraud - LexisNexis.com
LexisNexis® Granted A Patent for its Tax Refund Investigative Solution

 

NewswireToday - /newswire/ - Washington, DC, United States, 2014/04/02 - Patented Technology Helps Government Revenue Agencies Prevent Identity Theft-related Tax Refund Fraud - LexisNexis.com.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Software Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

LexisNexis® Risk Solutions today announced the company has been granted a patent by the United States Patent and Trademark Office (USPTO) for “systems and methods for detecting tax refund fraud,” the key functionality of its Tax Refund Investigative Solution.

In a 2012 report, the Treasury Inspector General for Tax Administration (TIGTA) found that billions of taxpayer dollars are being paid to fraudsters unnecessarily due to identity theft. The problem also is occurring at the state level, where criminals use fake identities to request tax refunds in the 43 states with an income tax.

“The ability to file electronically has made it easier for taxpayers to submit their returns and they are doing so in growing numbers, said Haywood Talcove, Chief Executive Officer, Government, LexisNexis Risk Solutions. Unfortunately, as a result of electronic filing, organized criminal groups both domestic and international are now able to file fake refunds in mass quantities. Our new technology allows revenue agencies to take a new approach to a new problem identity theft in tax administration and, at the same time help protect taxpayers’ identities.”

According to TIGTA’s Semiannual Report to Congress, more taxpayers’ identities were stolen in tax refund crimes in the first six months of 2013 than in all of 2012. In addition, the Bureau of Justice Statistics has reported identity theft resulted in more than $24.7 billion in financial losses nationwide in 2012. This patented technology gets to the root of the identity theft problem by focusing on identities. The Tax Refund Investigative Solution detects fraudulent tax return refund requests by comparing personally identifiable information with billions of identity records from thousands of accurate and reliable public records sources, allowing for a quick assessment of potentially fraudulent activity. Five states are using the patented LexisNexis technology in 2014, and over the last two years have stopped over 1.5 percent of all the refunds submitted.

“If more revenue agencies avail themselves of this newly patented technology, the ‘pay and chase’ approach to fighting identity theft-related tax refund fraud can be a thing of the past,” said Andrew Bucholz, an inventor of the solution and Vice President, Marketing Planning, Government, LexisNexis Risk Solutions. “It is now possible for revenue agencies to verify and authenticate the identity of the filer in a matter of a few days before issuing the check, thereby helping to prevent tax refund fraud altogether.”

About LexisNexis Risk Solutions
LexisNexis Risk Solutions (lexisnexis.com/risk) is a leader in providing essential information that helps customers across all industries and government assess, predict and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a world leading provider of professional information solutions.

Media Contact: Mary Alice Johnson - ConnellyWorks, Inc. for LexisNexis Risk Solutions
P: 571-323-2585 x2140 - E: maryalice[.]connellyworks.com.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Software Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: LexisNexis (a division of Reed Elsevier Inc.)

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
Software Warnings - IMPORTANT:
Always be aware/cautious about what you download on your computer/mobile! PURCHASE SOFTWARE related keywords / Banner Ads. Click HERE for details!
.

 
  Your Banner Ad showing on ALL
Software articles,
CATCH Visitors via Your Competitors Announcements!


LexisNexis® Granted A Patent for its Tax Refund Investigative Solution

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

LexisNexis Risk Solutions | Patented Technology
Publisher Contact: Press Office - LexisNexis.com 
800-227-9597 x56044 press[.]lexisnexis.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any LexisNexis (a division of Reed Elsevier Inc.) securities in any jurisdiction including any other companies listed or named in this release.

Software via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From LexisNexis (a division of Reed Elsevier Inc.) / Company Profile


Read Software Most Recent Related Newswires:

Infor Continues Significant Growth in Retail
Belk, Hot Topic and Torrid Choose Oracle Retail Stores Solutions to Unify Brand Experiences
Infinera Transforms Subsea Networks to Cloud Scale with New DTN-X Platforms
Crate and Barrel to Transform its Retail Experience in the Cloud with Infor
Ricardo Eletro Reduces Operational Cost by 40m Brazilian Reais per Month with Oracle Retail
Babbobox and Clevertime-Consulting, LLC Announce Strategic Partnership for EU Market
Ermes Group Selects IBM Cloud-Based Pricing to Engage Customers with Timely In-Store Sales
Oracle Cloud Applications Drive Carbon’s Quest to Lead in 3D Printing and Additive Manufacturing
Mentor Graphics Expands Comprehensive ISO 26262 Qualification Program
NAKIVO Announces Support for Hyper-V Backup in the Upcoming v7
Sur La Table Selects Oracle Commerce to Complement Oracle Retail Xstore Point-of-Service
Ford-Werke GmbH Implements Infor SCE and Technology Applications in the Cloud Across Europe
NAKIVO Provides VMware High Availability for Taiwan’s Ministry of Health and Welfare
Postal Savings Bank of China Teams with IBM to Build Blockchain-Based Asset Custody System
Dell Expands Hyper-Converged Infrastructure for VDI with Dell EMC VxRail Appliance 4.0 Solution for Citrix XenDesktop

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  BizJobs.com

Visit  La Bella Bakery Artisan Bakery Arizona





 
  ©2017 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)