2884184-how-fraud-impacts-government-agencies

in EBT fraud against government agencies (2022)

HOW FRAUD IMPACTS GOVERNMENT AGENCIES

and it's costly

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148%

51%

37%

Source: 2024 EY federal, state and local trends report

Cyberattacks on government agencies (2022-2023):

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65%

75%

50%

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THE THREAT IS REAL

Government agencies need robust anti-fraud and cybersecurity measures to protect public funds and maintain financial integrity. By prioritizing technology modernization, your agency can enhance security, reduce risk and build trust.

MINIMIZE RISK AND SAFEGUARD YOUR SERVICES

Learn more

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Government agencies are tasked with delivering reliable, secure services and support to the people who count on them. Fraud not only undermines this mission, but creates a culture of mistrust that is detrimental to agencies and the residents they serve.

As payment card fraud and cyberattacks have increased, so have the costs to government agencies to resolve and mitigate the effects.

more non-malware cyberattacks

increase in malware attacks

rise in ransomware incidents

surge in data breaches, unauthorized access and insider threats

313%

FRAUD AND CYBERATTACKS AGAINST GOVERNMENT AGENCIES ARE ON THE RISE

Source: Government Accountability Office

Government leaders increasingly recognize the threats and the importance of investing in strategies that safeguard their organizations against fraudulent activities.

Source: True Cost of Fraud Study for SNAP, LexisNexis

to fraud in Supplemental Nutrition Assistance Program (SNAP) benefits costs government agencies

in labor and administrative tasks

every $1 lost

Source: IBM

in costs incurred by government agencies per data breach incident

$2.07M

Cyberthieves are always seeking their next opportunity, and unfortunately many government agencies are targets.

Source: 2024 EY federal, state and local trends report

of federal government leaders and

of state and local government leaders say their agency should invest more in cybersecurity preparedness

Source: 2024 EY federal, state and local trends report

of state and local government leaders agree that modernizing infrastructure is important for resilience against cyberattacks

of federal government leaders and

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Source: OpenGov: The State of Local Government

of local government IT leaders feel their organization is protected against a cyberattack

Organizations serving the public domain operate with limited budgets. Government agencies must overcome funding challenges to implement effective anti-fraud and cybersecurity strategies.

BUT RESOURCES ARE SCARCE

Source: Public Technology Institute

state their cyber budget is not adequate

64%

Source: U.S. Government Accountability Office

find difficulty in measuring fraud

70%

Source: U.S. Government Accountability Office

believe they lack adequate skills and expertise to mitigate fraud and risk

80%

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50%

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75%

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65%

Source: Public Technology Institute

are turning to vendors that utilize AI solutions for cybersecurity support

Source: www.govexec.com

recovered by the Treasury Department since implementing AI-powered fraud detection processes

Advanced technologies such as EMV chip, data analytics and artificial intelligence can help government agencies more efficiently identify and prevent cyberattacks and fraud.

TECHNOLOGY MODERNIZATION CAN HELP GOVERNMENT AGENCIES FIGHT FRAUD

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