The Department of Veterans Affairs clarified plans for deploying a data tool to assist staff in identifying suspected fraud in claims. The focus of the tool will be on third-party for-profit companies — known as claims sharks — that try to take advantage of veterans and the benefits system, the agency said. (Stars and Stripes)
WASHINGTON — The Department of Veterans Affairs announced Monday that it is dropping plans to scan 1 million old disability benefits questionnaires dating to 2010 to identify possible signs of fraud.
The VA, however, will still deploy a “data collection tool,” which is under development, to look for false or exaggerated medical evidence in newly submitted DBQs that are part of a veteran’s claim for benefits, the agency said.
“This tool is forward-looking only. VA will not use the tool to revisit previously finalized and…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.