1.2 billion payment cards in US
Studies have consistently demonstrated that real-time confirmation reduces bankcard fraud and improves customer satisfaction. Thus, APS allows small and large companies alike to identify fraud at the point of sales or transaction. APS Security protects card companies, retailers, e-commerce, prepaid cards, banks, credit unions and more.
Healthcare fraud has increased to more than $272B
Medical insurance fraud is a very serious and costly problem that
affects every patient and taxpayer across our nation. With the
dawn of the Affordable Care Act, millions of new patients have
been incorporated into the insurance data bases of both private
and government sponsored insurance carriers. Protecting these
transactions and minimizing fraud is essential to keeping costs
down and making the system financially sound.
The May 31, 2014 issue of The Economist highlighted the problem in the following fashion:
“Health care is a tempting target for thieves. Medicaid doles out $415 billion a year; Medicare (a federal scheme for the elderly), nearly $600 billion. Total health spending in America is a massive $2.7 trillion, or 17% of GDP. No one knows for sure how much of that is embezzled, but in 2012 Donald Berwick, a former head of the Centers for Medicare and Medicaid Services (CMS), and Andrew Hackbarth of the RAND Corporation, estimated that fraud (and the extra rules and inspections required to fight it) added as much as $98 billion, or roughly 10%, to annual Medicare and Medicaid spending—and up to $272 billion across the entire health system.”