Permanent Fund Dividend Returns More Than $1B of Oil and Gas Profits to Alaskan Residents Each Year; Neustar GeoPoint IP Intelligence Service to Assist Detection and Prevention of Fraud
Neustar, Inc. (NYSE: NSR), a trusted, neutral provider of real-time information services, today published a case study with the State of Alaska, highlighting a fraud detection use case that saves the state more than a million dollars a year by leveraging Neustar’s GeoPoint IP Intelligence solution to identify fraudulent claims online.
“Neustar has saved the State of Alaska millions of dollars with its fraud detection service,” said Anne Weske, Operations Manager, Permanent Fund Dividend Division, State of Alaska. “Not only are we seeing a positive return on investment, we are seeing fewer fraudulent applications simply because we have these resources at our fingertips.”
The State of Alaska manages a Permanent Dividend Fund that returns more than $1B of oil and gas profits to its residents each year. Unfortunately, this benefit to residents is rife with fraudulent claims. Prior to Neustar, the audit and review process relied entirely on fraud tips from individuals who were suspicious of an applicant’s eligibility to receive a dividend. However, the widespread adoption of an online application enabled the State of Alaska to implement a modern fraud detection service from Neustar.
Neustar GeoPoint IP Intelligence solution enhances the method by which the State of Alaska monitors online transactions to detect and prevent fraud. The GeoPoint IP Intelligence service is a central repository for geographic and network connection attributes that tracks and maps close to four billion IP addresses worldwide, enabling its users to build criteria to reject or flag suspicious transaction for further review or denial.
“IP intelligence has become the modern equivalent of a physical address or phone number—an important indicator for fraud detection, marketing services and regulatory compliance,” said Andrew Onufer, vice president, product management, Neustar. “These attributes are what enable organizations such as the State of Alaska to make informed decisions and effectively reduce fraud.”
After the State of Alaska implemented Neustar, its audit and review process identified more than 700 fraudulent applications, based on out-of-state IP addresses. The immediate impact resulted in eight indictments in state or federal court, 36 civil actions and the recovery or non-release of approximately $2.6M.
“We immediately saw the value of Neustar and continue to see the benefits today,” said Weske. “Each year we audit thousands of applications and deny hundreds of returns. We are saving millions of dollars thanks to the data provided by Neustar.”
Every day, the world generates roughly 2.5 quadrillion bits of data. Neustar (NYSE: NSR) isolates certain elements and analyzes, simplifies and edits them to make precise and valuable decisions that drive results. As one of the few companies capable of knowing with certainty who is on the other end of every interaction, we’re trusted by the world’s great brands to make critical decisions some 20 billion times a day. We help marketers send timely and relevant messages to the right people. Because we can authoritatively tell a client exactly who is calling or connecting with them, we make critical real-time responses possible. And the same comprehensive information that enables our clients to direct and manage orders also stops attackers. We know when someone isn’t who they claim to be, which helps stop fraud and denial of service before they’re a problem. Because we’re also an experienced manager of some of the world’s most complex databases, we help clients control their online identity, registering and protecting their domain name, and routing traffic to the correct network address. By linking the most essential information with the people who depend on it, we provide more than 12,000 clients worldwide with decisions—not just data.
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