2866521_Tip Sheet_Modernize to Reduce Fraud Government

Fraud undermines trust in government agencies and the ability to deliver essential services. How can technology modernization help you better protect your agency and residents?

5 REASONS TO REDUCE FRAUD WITH MODERNIZATION

TIP SHEET

USE TECHNOLOGY TO GET A HANDLE ON FRAUD

FIS® is the partner to help fuel your fight against fraud through modernization. Discover why government agencies across the U.S. rely on FIS for the tools and technologies that manage risk, add efficiencies and elevate resident experiences.

Card fraud is an escalating concern for government agencies as they have become a more frequent target for cybercriminals. Account takeover fraud is especially prevalent, representing two-thirds of all existing account fraud.* Protecting your agency and your residents requires the ability to detect and mitigate fraud risks before they become threats. A holistic and proactive risk assessment approach utilizing data-driven insights can help you thwart account takeovers more quickly.

ASSESS RISK MORE QUICKLY

Staffing and funding limitations make it difficult for government agencies to dedicate sufficient resources to tracking payments, reporting financials and safeguarding assets. Replacing outdated, fragmented systems and manual processes with a digital strategy helps simplify operations and ensure important tasks don’t fall through the cracks. With a centralized digital system, you can gain a more concise view of cash flow to help reduce costs, fraud and liquidity risk.

GAIN MORE CONTROL

Two-thirds of government leaders acknowledge the critical need for technology modernization but are concerned about effectively supporting emerging technologies.* Budget and infrastructure constraints as well as resistance to change are common obstacles. By utilizing digital platforms and cloud-based technology, you can harness innovation and access the tools to stay ahead of the curve and on top of fraud now and in the future.

KEEP UP WITH NEW TECHNOLOGY

Government agencies are tasked with the secure and responsible management of public resources. Your residents trust you to safeguard their personal data while providing the support they need. With end-to-end technology solutions, you can shield against cyberattacks and payment fraud, and safeguard assets by embedding risk management into operations to mitigate potential threats and preserve value.

ENHANCE DATA PRIVACY AND SECURITY

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FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.

About FIS

Detect fraud

Minimize risk

Simplify complexities

Increase visibility

Stay competitive

Keep evolving

Build public trust

Safeguard sensitive data

Free up resources

Strengthen relationships

Government agencies are stewards of public funds, responsible for allocating the right resources to the right people. But when it comes to fraud, agencies aren’t the only line of defense. You can empower your residents to safeguard their sensitive information by giving them the tools to spot and report fraud. Data-driven insights give you the information you need to educate your residents on the first signs of fraud and provide guidance to avoid future takeovers.

PROVIDE THE TOOLS

Some lessors will need to review their funding and hedging strategies. If their finance has historically been variable, their balance sheet will be more exposed to rate rises. Less access to cheap funding lines could make it equally difficult for non-bank lessors to restructure debt facilities and more expensive to get wholesale market funding than for bank financiers. With swap rates on the rise and block discounting as high as 6%, there will be a lot of refinancing in the short to medium term.

FUNDING CHALLENGES

*2024 EY Federal, State and Local Trends Report

*Javelin, 2023 Identity Fraud Study