iDatafy® Announces New Financial Aid Fraud Detection Database – HotAddress™
Company creates free database to help higher education institutions combat financial aid fraud.
LITTLE ROCK, Arkansas – June 30, 2014 – iDatafy® today introduced HotAddress™ — a contributory database containing the physical addresses of suspected financial aid fraudsters previously reported to the Office of the Inspector General for the U.S. Department of Education. Higher education institutions that contribute their past suspected fraud address data and accompanying date of OIG referral to the new iDatafy® HotAddress™ consortium are then granted free access to the database of suspected fraud records contributed by other institutions.
The HotAddress™ database is available as a stand alone free service for higher education institutions to utilize, and much of the data will also be integrated into iDatafy’s existing premium StudentReview® financial aid fraud detection platform for current clients as well. StudentReview®, created in 2012, is a patent pending financial aid fraud detection platform designed to identify individual “Straw Students” and “Pell Runners” who annually defraud colleges and federal financial aid programs of billions of dollars in financial aid.
”We have long advocated for this type of service to be developed. We applaud iDatafy® for contributing their time and expertise and finally making it a reality,” said Jim Berg, Chief Ethics & Compliance Officer, Apollo Group Inc. “We hope that many higher education institutions choose to join us in this important endeavor,” said Berg.
“We are thrilled to partner with the University of Phoenix and many other leading higher education institutions to make this valuable data available for the first time. We have already uncovered some incredible fraud findings that we were able to share with our HotAddress™ user group in our very first report. Our goal is to help these higher education institutions use our data as part of their existing fraud detection measures to ensure that financial aid is going to those students that are truly deserving”, said Dave Wengel, iDatafy® Founder and CEO.
Higher education executives interested in learning more about HotAddress™, or the tactics financial aid fraud rings employ, should visit www.idatafy.com and request a copy of iDatafy’s groundbreaking white paper, A Proactive Stand Against Financial Aid Fraud. The paper details multiple instances of financial aid fraud and the cost-effective approaches higher education institutions can take to combat them. Wengel will also be attending the upcoming National Association of Student Financial Aid Administrators (NASFAA) Annual Conference in Nashville, TN from July 1-2nd and will be available to discuss HotAddress™ further with financial aid administrators or members of the news media.
iDatafy® is a new kind of real-time information services company. Our team helps companies and institutions achieve their business goals by harnessing the power created by combining their past worthless data with our patent-pending contributory databases. Our proprietary data helps companies fight fraud and improves marketing efficiencies in a transparent and fully compliant manner. That is the “Power of iDatafy®.”
For more information, visit: www.idatafy.com.
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