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
Release Number: 23-41 Follow us on Twitter, Facebook, Blogs & Instagram
Artificial Intelligence
GIGABYTE Partners with NVIDIA on RTX AI PCs Supporting ACE NIM and Digital Human Technology
TAIPEI, June 2, 2024 /PRNewswire/ — GIGABYTE, the world’s leading computer brand, is showcasing its prowess in artificial intelligence by partnering with NVIDIA to launch high-end RTX AI PCs. In his keynote at COMPUTEX 2024, NVIDIA CEO Jensen Huang highlighted the dawn of a new computing era driven by generative AI, digital twins, and personal computers evolving into AI factories with digital humans providing professional solutions. Jensen emphasized the challenges of computational inflation, the efficiency of NVIDIA CUDA in accelerating specialized processors, and AI’s potential as a $100 trillion industry.
GIGABYTE has collaborated closely with NVIDIA to deploy a full range of RTX AI PCs, reinforcing its leadership in the AI PC market. Every GIGABYTE AI laptop is equipped with NVIDIA® GeForce RTX™ 40 Series Laptop GPUs, supporting advanced features such as ACE NIM, Ray Tracing, Deep Learning Super Sampling (DLSS), and powerful Tensor Cores. These technologies deliver realistic visuals and exceptional AI learning capabilities, aligning with the model-based approaches mentioned by Jensen.
Furthermore, GIGABYTE products support NVIDIA ACE digital human technology, enabling digital humans to perform natural language interactions and facial expressions. These digital humans can be used as brand ambassadors, AI customer service agents, and digital healthcare workers, enhancing personalized and efficient services. GIGABYTE’s AI laptops excel in high-intensity graphic processing and various AI applications, catering to gamers and creators alike, indicating GIGABYTE is at the forefront of the AI revolution, driving the new era of generative AI applications.
Eddie Lin, CEO of GIGABYTE, stated, “AI PCs are transitioning from cloud-based solutions to edge computing and are set to move from niche markets to mainstream adoption in the upcoming years. We have been working closely with top chip leaders to build a robust AI ecosystem with superior hardware and learning environments.” As generative AI applications spread across edge, cloud, and hybrid modes, they will become core technologies in the PC domain. GIGABYTE’s long-term collaboration with NVIDIA and exclusive AI Nexus technology ensure excellent user experiences. Besides, over 40% of GIGABYTE laptops feature dedicated Copilot keys, allowing users to fully enjoy the benefits and convenience of AI.
GIGABYTE also announced the launch of new AI solutions on the eve of COMPUTEX, highlighting its innovative designs and comprehensive strategic blueprint in AI. For more information about GIGABYTE’s AI innovations in COMPUTEX, visit https://bit.ly/GIGABYTE_2024_COMPUTEX
Photo – https://mma.prnewswire.com/media/2427794/RTX_AI_PC_____ACE_NIM.jpg
View original content:https://www.prnewswire.co.uk/news-releases/gigabyte-partners-with-nvidia-on-rtx-ai-pcs-supporting-ace-nim-and-digital-human-technology-302161282.html
Artificial Intelligence
Direct Sourcing leaders offer free interactive experience of AI-powered hiring tool
TalentNet’s newest experience allows users to test drive TalentNavigator, the latest feature addition in their Direct Source platform
TORONTO, June 2, 2024 /PRNewswire/ — As the originators of Direct Sourcing, TalentNet is continuing to break boundaries in the talent acquisition industry by offering a 7-day free virtual interactive experience that highlights its AI-powered TalentNavigator platform.
This tool, which is now able to automate key tasks while creating shortlists in minutes, allows Curators to streamline the hiring process.
Streamlining the talent acquisition processFunctioning as a sophisticated AI Generative virtual partner, TalentNavigator leverages industry-leading generative AI technology to intelligently analyze and interpret each client’s talent pool, delivering real-time insights and comprehensive answers to complex curation queries. Users will be able to explore TalentNet’s Direct Sourcing platform as well.
“TalentNavigator represents a key shift in the market as hiring executives begin to understand the importance of optimizing the talent acquisition process through cutting-edge AI technology,” said Justin Lumby, TalentNet’s Chief Operating Officer. “Our 7-day experience is a unique offering that empowers companies to test out our revolutionary Direct Sourcing tool on their own time. Through this experience, they gain direct insight not only into Direct Sourcing but also harnessing the full potential of AI.”
Empowering companies to optimize their workflowThe platform includes job search capabilities, allowing Curators to quickly find job openings for candidates based on customized criteria. TalentNet’s newest updates enable the tool to streamline manual tasks, allowing companies to spend more time connecting with candidates and engaging with top talent.
In the future, TalentNavigator will let users update statuses, accept offers, send messages, share candidates, schedule actions, view history, and manage talent pools.
Ensuring continued data protectionTalentNet ensures client data security with SOC 2 Type II and ISO 27001/27017 certifications. TalentNavigator encrypts all data and doesn’t store personal information. Curators maintain full control, approving all outputs.
To be part of TalentNet’s 7-day free virtual interactive experience, simply sign up at the TalentNet website by completing a form and wait to be contacted by a TalentNet rep.
About TalentNet: In 2013, TalentNet revolutionized sourcing with its Direct Sourcing platform. Today, Direct Sourcing is a rapidly growing trend in talent acquisition globally. As pioneers in this technology, we empower top brands to streamline hiring, simplify supply chains, and cut costs for a seamless candidate experience. For more information, visit https://talentnet.com/.
Video – https://www.youtube.com/watch?v=Yr0D58iBwrU
View original content:https://www.prnewswire.co.uk/news-releases/direct-sourcing-leaders-offer-free-interactive-experience-of-ai-powered-hiring-tool-302161270.html
Artificial Intelligence
Federal Government Authorizes Institute of Information Management to Certify Data Protection Professionals in Nigeria
LAGOS, Nigeria, June 2, 2024 /PRNewswire/ — The Federal Government through the Nigeria Data Protection Commission (NDPC) has granted a licence to the Institute of Information Management (IIM) to conduct examinations and certify data protection professionals for global competitiveness.
The National Commissioner of NDPC, Dr. Vincent Olatunji, who said this on Monday while presenting licence to IIM in Abuja, said granting of the licence was part of the commission’s measures to implement Executive Order 003 and 005.
Olatunji added that certifying data protection professionals in the country would reduce capital flight, create over 500,000 jobs in the sector, and encourage more people to be certified.
Promoting local content
While a few Nigerians with expertise in data protection had their training and certification abroad, Olatunji said having an institute to train and certify Nigerians locally would boost local content in the sector.
“We are trying to ensure the implementation of Executive Orders 003 and 005 to promote local content in Nigeria. Most of us who are certified data protection officers have international certifications; we paid some dollars to write exams as well as maintain the certificates. We are trying to domesticate this in Nigeria by having a national certification process” Olatunji said.
The NDPC National Commissioner said that with the size of Nigeria’s population, the country needs over 500,000 certified data protection officers. And if prospective candidates are to pay for the certifying examination in dollars, it will lead to capital flight.
Expansion to Africa
Olatunji also said that the commission is considering adopting the licensing across Africa. According to him, the Commission is working towards having a pan-African initiative, whereby data professionals have the national certification that is being offered in Nigeria and can also practice in any part of Africa.
“It is a way of creating jobs for our people, reducing capital flight, and developing global human capital in the data protection ecosystem” Olatunji said. He explained the Commission have also gone further to develop the training model which is unique to the organization and will be used by trainers in Nigeria.
He added that the licensing would also create jobs for already licensed Data Protection Compliance Organisations (DPCOs), who would be accredited to train prospective professionals to sit for data protection examinations. According to him, the national data protection certification will be a historic legacy that will transcend administrations and meet global standards.
Speaking on the licence, the President of the Institute of Information Management, Dr. Oyedokun Oyewole, recalled that the certification process commenced in 2021.
He said the licence would bridge the gap in the data protection ecosystem. Oyewole assured Nigerians of the institute’s commitment to be the best in the education system of data protection in the country.
Contact
Celestine AchiCell: +234-08099997175Email: [email protected]
Photo – https://mma.prnewswire.com/media/2427759/IIM.jpg
View original content:https://www.prnewswire.co.uk/news-releases/federal-government-authorizes-institute-of-information-management-to-certify-data-protection-professionals-in-nigeria-302161242.html
-
Uncategorized7 days agoThrive with GBA | Greater Bay Area held conference in Paris to further ties with French companies
-
Uncategorized6 days ago
DEI MIA in new Meta AI advisory group
-
Uncategorized6 days ago
Why the National Spelling Bee is more vital than ever in the age of AI
-
Uncategorized6 days ago
Chinese state media warns AI could worsen job discrimination and break labour laws
-
Artificial Intelligence6 days agoPolyU research finds improving AI large language models helps better align with human brain activity
-
Artificial Intelligence6 days agoVivaTech 2024: a record-breaking event
-
Uncategorized6 days ago
Building better ethical standards for AI, for democracy
-
Uncategorized6 days ago
Easyjet, eyeing record summer, boosts nerve center with AI
