Artificial Intelligence
U.S. Small Business Administration Releases Report on Anti-Fraud Control Measures in Pandemic Relief Programs
WASHINGTON, June 27, 2023 (GLOBE NEWSWIRE) — The U.S. Small Business Administration (SBA) today released a report detailing analysis of anti-fraud protocols put in place by the Biden-Harris Administration in SBA’s four largest pandemic programs. The report “Protecting the Integrity of the Pandemic Relief Emergency Programs: SBA’s Actions to Prevent, Detect and Address Fraud” highlights the actions the agency deployed to restore fraud measures in pre-existing relief programs, enhance fraud controls in new programs, as well as support cross-agency efforts to bring fraudsters to justice. The report also details the most comprehensive analysis yet estimating the total impact of fraud, across SBA’s four largest pandemic relief programs, including the Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan Program (COVID-EIDL). The report is the most thorough analysis available of the initial fraud prevention measures, new controls put in place by the Biden-Harris Administration to prevent and detect fraud, and the overall impact of fraud on the pandemic relief programs.
“Pandemic relief programs, including those supported by President Biden’s American Rescue Plan, have driven a historic economic recovery, including saving millions of businesses and creating over 13 million jobs since 2021,” said SBA Administrator Isabella Casillas Guzman. “SBA’s COVID relief programs were large-scale and significant undertakings; and the agency has analyzed, evaluated and taken action to incorporate the latest methods and technologies along the way. With this report, SBA is detailing the effective measures added to fight fraud and hold bad actors responsible, as well as recommendations of best practices to ensure future emergency small business programs are optimized from the start.”
“The findings in this report, coupled with the SBA Office of Inspector General and other law enforcement’s commitment to fighting fraud, is a major step forward,” said Special Counsel for Enterprise Risk Peggy Delinois Hamilton. “Releasing the results of this report is necessary to fully inform past, present and future efforts for addressing fraud.”
The new anti-fraud measures deployed in 2021 in PPP and COVID-EIDL, which are explained in detail in the report, impeded further fraud attempts significantly and helped identify fraud that had already occurred. They include the reinstatement of checking applications against Do Not Pay databases, the checking of tax transcripts to validate application information in the COVID-EIDL programs, and the establishment of a new Fraud Risk Management Board.
As a result, in large part, of these measures, the SBA:
- Blocked over 21.3 million applications. Using several tools, including first-of-its-kind artificial intelligence, the SBA blocked 21.3 million applications for pandemic relief, representing $511 billion of funds retained across all four of SBA’s largest pandemic programs. These included duplicate applications, ineligible applications, and attempted fraud.
- Eighty-six percent of likely fraud in SBA’s pandemic relief program originated in the first nine months of the pandemic. The agency estimates $36 billion of $1.2 trillion in pandemic relief emergency program funds were obtained fraudulently. This amount is in contrast to recent overstated estimates that have not reflected all available data. The SBA’s $36 billion estimate reflects disbursed loans, grants, and awards that SBA, after a rigorous internal review, suspects as likely fraudulent and already has or expects to refer to law enforcement. The agency estimates that 86 percent of the fraudulently obtained loans originated in the first nine months of the first pandemic relief programs. The internal fraud reviews covered the entire portfolio of disbursed funding, relying on extensive data analytics and ongoing human-led reviews that will total four million once complete.
- Achieved record-low fraud rates for new relief programs. Taking learnings from PPP and COVID-EIDL, the SBA team achieved dramatically lower fraud rates in the two largest SBA relief programs designed and launched in 2021, the Shuttered Venue Operators Grant Program (SVOG) and the Restaurant Revitalization Fund (RRF). SBA estimates a likely fraud rate of one-third of one percent (0.33%) for SVOG, and three-fourths of one percent (0.75%) for RRF.
- Supported the recovery of $30 billion from pandemic relief emergency programs. In the wake of inadequate fraud mitigation measures implemented in 2020, the SBA has supported the recovery of $30 billion as a result of law enforcement actions, seizures, and voluntary repayments by borrowers and financial institution returns.
Anti-Fraud RecommendationsTo follow through on the SBA’s work to identify awards, grants, and loans suspected of fraud, the report points to the importance of Congress meeting President Biden’s sweeping anti-fraud proposal published in March, which includes a request to provide at least $100 million in mandatory funding to SBA’s Office of Inspector General (OIG) to fulfill the mission laid out by recent legislation extending the statute of limitations for PPP and COVID-EIDL fraud. Looking ahead to potential future national emergencies, the report also outlines recommendations to mitigate fraud through the design of relief programs. They include:
- Expand government data-sharing. As outlined in President Biden’s Pandemic Anti-Fraud Proposal, increasing access to government datasets, and expanding validation services would further SBA’s ability to prevent fraud on the front end. Grant SBA digital, real-time access to government payroll data, as well as tax identification data, so that SBA can more quickly verify applicant information.
- Build now to save later. Establish the statutory framework in advance of an emergency, so that SBA personnel and procedures can move quickly and with a full range of controls in the event of a crisis.
- Prevent fraud rather than chase it. Center expectations on up-front fraud control measures rather than on recovery efforts after funds are distributed so that the post-disbursement stage can better focus on applicant performance and ongoing monitoring.
For more information, please visit https://www.sba.gov/document/report-protecting-integrity-pandemic-relief-programs to read the full report. ###About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Release Date: June 27, 2023 Contact: [email protected], www.sba.gov/news
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LONDON, May 9, 2024 /PRNewswire/ — CyXcel, a leading cybersecurity business with operations in the UK and North America, announces the appointment of Simon Church as Chief Strategy Officer. A 35-year veteran of the technology industry, Church brings a wealth of cyber expertise and commercial development to the role. Church’s appointment solidifies CyXcel as a pioneering force in combining security, regulatory, and legal expertise for established companies and those expanding into new markets, ensuring protection and recovery of their critical business assets.
As Chief Strategy Officer, Church will spearhead CyXcel’s strategic initiatives to drive innovation, foster partnerships, and accelerate growth opportunities. His appointment underscores CyXcel’s commitment to fortifying its strategic offering and enhancing its position as a leader at the nexus of risk analysis, response management and incident resolution. His vast experience in go-to-market strategies and M&A will be instrumental in driving CyXcel’s growth and expansion initiatives.
Church has held executive leadership positions at market-leading cybersecurity and technology companies such as Maxive Cyber Security (acquired by Thales), Optiv, Vodafone, NTT Security, Verisign, and NetIQ. His experience includes strategic roles in identity management, networking, and managed services and he brings a strong track record of delivering commercial growth, including leading on commercial acquisitions.
In addition to his role at CyXcel, Church serves as Chair of Xalient, a UK-headquartered converged cyber, identity, and networking managed services company. He is also a Board member and strategic advisor to Redshift, as well as a Board member at beqom. Furthermore, Church serves on the Advisory Board of Glasswall, a UK-based security technology company.
Ed Lewis, CyXcel Co-Founder and Managing Partner commented:
“Simon’s unparalleled expertise and proven track record will be invaluable as we continue to innovate and deliver pioneering solutions to our clients worldwide. With Simon’s strategic leadership, we are poised to achieve new heights in our mission to safeguard enterprises and navigate the complex geopolitical, regulatory and legal implications of ever-evolving cyber threats.”
Simon Church said:
“I’m thrilled to be joining such an experienced and ambitious team and the CyXcel offer is unlike any I’ve ever seen. CyXcel has already established itself as a trusted partner in empowering organisational awareness and responsiveness to the financial, existential, and strategic complexities of global cyber threats. I look forward to delivering rapid growth around the world by developing and executing initiatives that provide unparalleled protection and value to our clients.”
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View original content:https://www.prnewswire.co.uk/news-releases/cybersecurity-veteran-simon-church-joins-cyxcel-as-chief-strategy-officer-302141008.html
Artificial Intelligence
IBM Introduces New Microsoft Copilot Capabilities to Fuel AI-Powered Business Transformation
ARMONK, N.Y., May 9, 2024 /PRNewswire/ — IBM (NYSE: IBM) today announced the availability of IBM Copilot Runway, a new offering from IBM Consulting designed to help enterprises create, customize, deploy and manage copilots including Copilot for Microsoft 365. With the new offering, clients will be able to seamlessly integrate copilots’ generative AI into their organizations in order to enhance productivity and drive business success. IBM Consulting has also formed a dedicated practice of consultants with Microsoft copilot skills, credentials and expertise to guide clients on their AI transformation journey.
As part of the new offering, IBM will work with clients to build custom copilots that can be tailored to fit the needs of specific business scenarios and efficiently deployed to help reduce the time and effort often required for implementations. IBM will initially focus on helping clients across priority use cases, including customer and field service, employee experience, and procurement and finance – as well as specific industries, like financial services, retail and CPG, government, and supply chain. These use cases will include:
The Procurement and Finance Contract Copilot which assists specialists in extracting valuable insights from contracts.The Customer Service and Field Service Copilot which gives agents and technicians access to self-service options and a time-saving generative AI search.The Employee Experience Copilot which is designed to enhance employee engagement. IBM and Microsoft already serve clients across a variety of industries with a range of AI solutions and services. In fact, IBM Consulting worked with Virgin Money to develop and launch Redi, a conversational virtual assistant that helps credit card customers in the Virgin Money credit card app. Redi, powered by Virgin Money’s suite of Microsoft Copilots, is a testament to the power of partnership.
“Our customers tell us how much they enjoy interacting with Redi in the Credit Card app,” said Adam Paice, Head of Digital Proposition, Virgin Money. “Our partnership with IBM has helped us to get the most out of Microsoft Copilot to find a balance between innovation and control.”
IBM Consulting is also scaling its Microsoft copilot capabilities and capacity across its network of Global Innovation Centers on each continent. For example, these capabilities are being used to co-create solutions with clients at IBM Consulting’s new IBM-Microsoft Experience Zone in Bangalore, India – a first of its kind in our collaboration.
At the Experience Zone, clients from around the world and across industries are working together with IBM Consulting in various technology stations to co-ideate and co-create generative AI-powered solutions – leveraging Microsoft technologies, including Copilot. Later this year, IBM Consulting plans to open additional IBM-Microsoft Experience Zones in Romania, U.K. and U.S., where clients in these regions can explore the power of Copilot. In addition IBM and Microsoft hosted a second client-focused hackathon with 800 participants, including clients and experts to build solutions leveraging Microsoft copilot – with winners to be announced this quarter.
“As IBM and Microsoft strengthen our partnership, we’re poised to empower more clients with Microsoft Copilot, supercharging productivity and boosting creativity through the power of generative AI,” said John Granger, Senior Vice President, IBM Consulting. “Our dedicated IBM Consulting Microsoft practice, along with Copilot-focused Experience Zones around the world, help us meet clients where they are and bring them the right generative-AI-enabled solutions for their businesses.”
“Clients need the right partners and technology to scale AI responsibly across the enterprise,” said Dinis Couto, General Manager of Global Partner Solutions for Microsoft. “With IBM’s dedicated group of Microsoft Copilot experts, we’re confident we can help more clients unlock the full potential of generative AI for their businesses.”
IBM purchased Copilot for Microsoft 365 for its practitioners. To continue building on the partnership, IBM has also invested in growing its team of experts and capabilities through acquisitions, like Neudesic and Bluetab.
IBM Consulting practitioners work with a range of leading AI software technologies and multiple models from both IBM and its strategic partners like Microsoft. IBM data and AI consultants typically employ multiple models, each applied to a specific use case. Different models can be optimized for specific tasks, enhancing performance and efficiency.
Microsoft is a trademark of Microsoft Corporation in the United States, other countries, or both.
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service.
Visit www.ibm.com for more information.
Media Contact:IBMCarolyn [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/ibm-introduces-new-microsoft-copilot-capabilities-to-fuel-ai-powered-business-transformation-302141159.html
Artificial Intelligence
Inceptio-Powered Autonomous Trucks Surpass 100 Million Kilometers in Safe Commercial Operations
Major Milestone Advances Autonomous Heavy-Duty Truck Commercialization
SHANGHAI, May 9, 2024 /PRNewswire/ — Inceptio Technology (“Inceptio,” or the “Company”), an industry leading developer of autonomous driving technologies for heavy-duty trucks, today announced that heavy-duty trucks powered by the Inceptio Autonomous Driving System and its Truck Navigate-on-Autopilot (T-NOA) capabilities have surpassed the significant milestone of 100 million kilometers in safe commercial operations, reinforcing Inceptio’s global leadership in the commercialization of autonomous trucks.
This achievement underscores how L3 and L2+ autonomous heavy-duty trucks have been successfully deployed across the line-haul logistics sector, including express delivery, less-than-truckload (LTL) transportation, as well as contract logistics. This also reflects the significant value that autonomous trucks offer logistics operators.
Accelerating the Adoption of Autonomous Trucks Across the Line-Haul Logistics Sector
Inceptio-powered trucks surpassed 50 million kilometers of safe commercial operations in August 2023. Building on this success, Inceptio rapidly expanded the number of compatible truck models and surpassed the 100-million-kilometer mark by the end of April 2024.
Inceptio’s Autonomous Driving System covers 83% of China’s national highways connecting 7 major economic zones. Over the course of the 100 million kilometers, a total of 1,864 drivers safely used Inceptio-powered L3 and L2+ trucks in their daily operations.
Current customers include all the top logistics companies in China such as ZTO Express (NYSE: ZTO and HKEX: 2057), YTO Express (HKEX: 6123), STO Express (SZSE: 002468), JD Logistics (HKEX: 2618), and SF Express (SHE: 002352). Inceptio has also established an extensive footprint across the contract logistics segment including cold chain, automotive, beverages, and fast-moving consumer goods among many others, serving global brands like Budweiser and Nestlé. Inceptio’s autonomous driving technology caters to a diverse user base—from big logistics companies to small fleets and individual operators.
Inceptio has partnered with several leading Chinese truck manufacturers to pre-load mass produced trucks with the Inceptio Autonomous Driving System. These partnerships have expanded the number of trucks Inceptio powers and include popular models from Dongfeng, Sinotruk, Foton and Liuqi that are available in both 4×2 and 6×4 axle configurations to meet the diverse needs of the line-haul logistics sector.
Paving the Way for Greater Commercialization with Safer, More Efficient, and Profitable Operations
Over the course of 100 million kilometers, Inceptio has demonstrated how its autonomous driving technology and its T-NOA capabilities are paving the way for greater commercial deployment across the line-haul logistics with safer, more efficient, and profitable operations.
The majority of the routes large express delivery companies in China use exceed 500 kilometers in length. Two drivers are commonly assigned to each traditional truck on these routes and take shifts driving in order to minimize fatigue and ensure safety when meeting tight shipping schedules. Inceptio’s solution makes driving much less physically and mentally exhausting as it handles more than 90% of the journey. Express delivery companies have been able to significantly reduce the number of drivers per truck and labor costs on these same routes as a result. On routes ranging from 500 to 1,200 kilometers, Inceptio has realized a direct shift from two drivers per truck to one, resulting in a significant 40% to 50% reduction in labor costs. On routes that exceed 1,200 kilometers where an autonomous truck relay model has been deployed, a traditional assignment of 6-8 drivers per three trucks has been reduced to 5. Likewise, a traditional assignment of 8-10 drivers per 4 trucks has been reduced to 6, resulting in a substantial decrease in labor costs and improved driver satisfaction.
The benefits are equally strong for contract logistic companies, both large and small. Huatai Logistics for example, a contract logistics company specializing in automotive parts transport on routes that average 1,500 kilometers, has seen its driver-to-truck ratio decrease from two to one by using Inceptio-powered trucks. Combined with a reduction of 3-5 liters in fuel consumption per 100 kilometers, total cost of ownership per kilometer decreased by 7-15%. The stellar safety record and enhanced driving comfort offered by autonomous trucks improved fleet-attendance rates significantly and increased monthly kilometers per truck by as much as 10%.
Some individual operators have also seen increases of 10-20% in monthly kilometers per truck and 2,500-5,500 RMB in monthly net income due to the fundamental improvement of safety and driving comfort offered by Inceptio-powered autonomous trucks. The fuel-saving benefits of autonomous trucks are particularly attractive for individual operators.
Leveraging Data Assets to Enhance Inceptio’s Autonomous Driving Technology
Inceptio leverages its powerful, data-driven R&D system to rapidly iterate and enhance its autonomous driving technology. This system, which incorporates accurate and efficient data capturing, automated cloud processing, advanced scenario mining, and automatic annotation, allows Inceptio to continuously refine its industry-leading T-NOA algorithm in real-time. This focus on real-world data is a key driver of Inceptio’s competitive edge in the autonomous driving technology landscape.
Julian Ma, founder and CEO of Inceptio Technology, commented, “Inceptio’s autonomous driving technology and its T-NOA capabilities are making significant progress in their commercialization, allowing us to rapidly surpass the 100-million-kilometer milestone after hitting 50 million kilometers only eight months ago. The impact our technology is having on the logistics industry is profound. The commercial deployment of Inceptio-powered autonomous trucks across the line-haul logistics sector is exciting, but what’s truly inspiring is the creativity and innovation our customers bring to the table. This user-driven approach is pushing the boundaries of how these autonomous trucks are used, opening up new ways to deploy our technology. The more data we gather, the faster we will be able to enhance our algorithms and improve our full-stack solution. We will continue working closely with our truck OEM partners to offer even greater safety, efficiency, and profitability to logistics customers.”
About Inceptio Technology
Inceptio Technology is an industry leading developer of autonomous driving technologies for heavy-duty trucks. Its flagship technology is the Inceptio Autonomous Driving System, a proprietary full-stack solution. Inceptio partnered with leading OEMs to roll out the industry’s first mass-produced L3 autonomous trucks in late 2021. These trucks are operated nationwide in China by customers across the line-haul logistics sector including express delivery, less-than-truckload (LTL) transportation, and contract logistics. Inceptio is at the cutting edge of developing fully driverless trucks. In 2022 it became the first company in China to receive a public road-testing permit for driverless autonomous heavy-duty trucks.
For more information on Inceptio Technology, visit https://en.inceptio.ai/
View original content:https://www.prnewswire.co.uk/news-releases/inceptio-powered-autonomous-trucks-surpass-100-million-kilometers-in-safe-commercial-operations-302141157.html
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