|By Business Wire||
|February 4, 2013 07:01 AM EST||
ARM Insight today announced that the State of Oregon will utilize its RefundShield solution in a pilot program in order to identify and stop certain types of tax refund fraud. The State of Oregon will utilize ARM’s proprietary risk and payment analytics in order to identify fraudulent tax refund activity.
According to the July 19, 2012, report by the Treasury Inspector General for Tax Administration, it is expected that the IRS alone will issue over $21 billion in fraudulent tax refunds in the next five years, with much of the refunds being electronically deposited onto reloadable prepaid debit cards.
“Tax refund fraud is a growing problem nationwide, both at the federal and state levels. ARM is pleased to partner with the State of Oregon in supporting their efforts to reduce tax refund fraud,” said Randy Koch, President of ARM Insight. “The best approach in reducing tax fraud takes a public-private sector partnership. We are confident that ARM’s RefundShield platform will complement Oregon’s existing controls in this pilot program in order to identify Tax Fraud in the 2013 tax season.”
About ARM Insight
ARM Insight is a provider of prepaid business intelligence and compliance services. ARM’s Prepaid Management Platform, which is compatible with all major processor platforms, turns hard-to-use processor data into valuable operational and compliance information. ARM’s RefundShield software identifies tax fraud for program managers, issuing banks, state agencies, and the federal government (IRS and US Treasury). ARM’s Roadmap to Compliance utilizes best-practice tools and templates to quickly enhance our prepaid customers’ compliance programs. For more information, visit http://www.arminsight.com.