Bill would make fraud-detection available for TARP

Government could get same technology credit-card companies use

Technology the credit card industry uses to detect fraud could be applied to the Troubled Asset Relief Program, according to an expert who helped draft a House bill that calls for the use of such technology.

Credit card companies can call you up as soon as a suspcious transaction takes place and ask whether you really made it, because they use software tools that detect activity that doesn't match your normal behavior, said Stephen Horne, vice president of master data management and integration services at Dow Jones.

Similar technology could alert federal government officials about fraudulent spending under TARP, Horne said today.

Reps. Carolyn Maloney (D-NY) and Peter King (R-NY) introduced the bill, H.R. 1242, earlier this year. It is currently in the House Financial Services Committee. It has 40 cosponsors representing both parties, Horne said. Lawmakers have introduced other bills to increase TARP oversight as well.

The bill is only for TARP spending, but it could be a model for transparency in other areas such as Medicare, entitlements and other financial areas, Horne said.

Dow Jones has advised members of Congress about the technology and how it can be applied, Horne said.

H.R. 1242 would require the Treasury Department to create a centralized, Web-accessible public database system that has a standardized format so that TARP funds are easily visible and traceable, according to a description on Maloney's Web site.

Treasury would be required to combine the reported government data with data that are collected by independent sources including corporate press releases, news articles, indexes, corporate profiles, and other non-government financial information, according to Maloney.

About the Author

Doug Beizer is a staff writer for Federal Computer Week.

FCW in Print

In the latest issue: Looking back on three decades of big stories in federal IT.

Featured

  • Anne Rung -- Commerce Department Photo

    Exit interview with Anne Rung

    The government's departing top acquisition official said she leaves behind a solid foundation on which to build more effective and efficient federal IT.

  • Charles Phalen

    Administration appoints first head of NBIB

    The National Background Investigations Bureau announced the appointment of its first director as the agency prepares to take over processing government background checks.

  • Sen. James Lankford (R-Okla.)

    Senator: Rigid hiring process pushes millennials from federal work

    Sen. James Lankford (R-Okla.) said agencies are missing out on younger workers because of the government's rigidity, particularly its protracted hiring process.

  • FCW @ 30 GPS

    FCW @ 30

    Since 1987, FCW has covered it all -- the major contracts, the disruptive technologies, the picayune scandals and the many, many people who make federal IT function. Here's a look back at six of the most significant stories.

  • Shutterstock image.

    A 'minibus' appropriations package could be in the cards

    A short-term funding bill is expected by Sept. 30 to keep the federal government operating through early December, but after that the options get more complicated.

  • Defense Secretary Ash Carter speaks at the TechCrunch Disrupt conference in San Francisco

    DOD launches new tech hub in Austin

    The DOD is opening a new Defense Innovation Unit Experimental office in Austin, Texas, while Congress debates legislation that could defund DIUx.

Reader comments

Please post your comments here. Comments are moderated, so they may not appear immediately after submitting. We will not post comments that we consider abusive or off-topic.

Please type the letters/numbers you see above

More from 1105 Public Sector Media Group