Higher Ed institutions save millions by fraudulent student application detection and prevention solution, S.A.F.E, created by AMSimpkins & Associates.
LAWRENCEVILLE, Ga., Aug. 8, 2022 /PRNewswire-PRWeb/ — Maurice Simpkins, president of A.M. Simpkins and Associates, is proud to announce their new software solution for higher education institutions who are experiencing an uptick in new fraudulent student accounts and activity since the pandemic. Student Application Fraud Examination (S.A.F.E.) is the much-anticipated product of this innovative inventor who has a seasoned portfolio in the Higher Ed industry. This application promises to “safeguard your institutional assets with fraud identification and prevention and stop scammers before they access your institutional assets.” Across the country, phishers are leaving their indelible stain.
The pandemic of the past two years brought about a whole new brand of emboldened scammers. According to an article from September 2021, featured in World News Era, “As the fall semester opened, details emerged about the California Community Colleges’ system receiving more than 65,000 financial applications suspected of being from fraudulent bots. Officials there also considered the applications likely an attempt to tap into financial aid and coronavirus relief funding.”
San Joaquin Delta College is among the roughly 100 California community colleges that were targeted. They confirmed 425 student accounts to be fraudulent and over a thousand more are under investigation. Previous articles in USA Today paint a similar picture. “Thousands of Michigan residents have collected Pell Grants without attending classes in the past year, costing the state’s colleges millions of dollars that have to be paid back to the federal government. At Henry Ford Community College, $4.1 million — about 10 percent of the money the college received in Pell Grants — needs to be paid back to the U.S. Department of Education.”
These Pell jumpers leave a trail of financial destruction behind them, with taxpayers footing the bill. By the time they have identified a scam, it is too late, and they have issued payments to fraudulent accounts with no way to recover the loss. Many colleges resort to increase tuition to compensate for their losses.
The S.A.F.E. platform provides around the clock monitoring and support, is built to higher ed’s business operations and specifications, and protects, prevents, and reports on fraudulent applications. S.A.F.E. provides a comprehensive AI-based spam and fraud detection for student applications for higher education institutions in real-time.
“S.A.F.E. provides layers of protection through fortifying higher ed’s data defense with multi-level fraudulent and suspicious detection,” said President Maurice Simpkins. S.A.F.E. also provides Know Your Student (KYS) for higher ed institutions, to use as an enhanced due diligence process to verify and identify each new prospecting student. Institutions will gain a deeper understanding of student activity to mitigate associated risks. According to inventor Simpkins, “(KYS) procedures are a critical function to assess institutional risk. Effective KYS involves knowing a prospect’s identity, their type of activities, and the risk they pose.”
Marketing Department, AMSimpkins & Associates, 1 6786824193, [email protected]
SOURCE AMSimpkins & Associates