Browse Ideas with tag 'fraud':

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  Increasing Trade, Exports, and Overall Competitiveness »

  Stock Transaction Mediation

  Issue: On May 6, 2010, the stock market experienced what is referred to as a ‘flash crash.’ By the day’s end, the market ended up 600 points lower [1]. Without a solid market, economic recovery and thereby the tax base for the Government is at risk. Today, significant trading takes place without human intervention. Powerful computers host artificial intelligence programs referred to as ‘algos’, soft for algorithmic. ...more »

  Issue:

  On May 6, 2010, the stock market experienced what is referred to as a ‘flash crash.’ By the day’s end, the market ended up 600 points lower [1]. Without a solid market, economic recovery and thereby the tax base for the Government is at risk. Today, significant trading takes place without human intervention. Powerful computers host artificial intelligence programs referred to as ‘algos’, soft for algorithmic. As investigations continue, the root cause for the flash crash is pointing toward algos [2]. Moreover, immediately following the crash, algos were considered a target [3]. A significant problem is that regulations cannot mediate the actions of algos. Once the damage is done, it’s done.

  Proposed Solution:

  To properly mediate transactions, the Government needs computers to mediate transactions in real-time. That is, Government machines would act as stock specialists and mediate changes in real-time. Moreover, a modest transaction fee would provide the necessary funding and provide a valuable income stream for the Government. Further, this would provide information necessary for various types of securities fraud and cyber security attacks.

  References:

  [1] Bowley, Graham, New York Times, Lone $4.1 Billion Sale Led to ‘Flash Crash in May, October 1, 2010.

  [2] Orol, Ronald D., Market Watch, SEC, CFTC blame algorithm for ‘flash crash’, October 1, 2010.

  [3] Goldstein, Matthew, Reuters, Stock plunge raises alarm on algo trading, May 7, 2010.

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  Submitted by Community Member 2 years ago

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  Ideas to Make Other Parts of Government More Efficient and Effective »

  Employee Transit Subsidy Distribution

  I suggest that the current distribution and recipient usage monitoring methods be replaced with an automated system. The system would consist of distribution of the currently used transit credit card to all employees in the program. Before the card becomes active, the employee would be required to register the card number. The registration process would consist of the employee: (1) accessing the transit center via www.tccard.transitcenter.com ...more »

  I suggest that the current distribution and recipient usage monitoring methods be replaced with an automated system. The system would consist of distribution of the currently used transit credit card to all employees in the program. Before the card becomes active, the employee would be required to register the card number. The registration process would consist of the employee: (1) accessing the transit center via www.tccard.transitcenter.com or the toll free number; (2) entering profile information; (3) entering the 16-digit card number; and, (4) creating an access password.

  Each quarter additional funds would be electronically added to that card account based on the balance left on the card--if the employee used the entire amount loaded on the previous quarter, the full amount of the subsidy would be restored; if the employee did not use the full amount, only the amount needed to return the subsidy to quarterly allotment would be added.

  This would eliminate: (1) having employees travel to various cities to do a physical distribution; (2) the need for employees to have a designated recipient; (3) the loss to employees and the government for lost or stolen transit checks (the card could be canceled and another one issued); (4) the lost time for productive work having to stand in long lines to pick up the transit subsidy; (5) subsidy schedules and distribution locations.

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  Submitted by Community Member 2 years ago

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  Ideas to Make Other Parts of Government More Efficient and Effective »

  Social Security

  Social Security Disabilty needs major reform. Too many people play the system and it is costing millions! What am I talking about? Overpayment's being wavied for people who worked while getting benefits knowing that they couldn't go over certain limits. Criminals receiving benefits while in jail, people who receive their check then lie and say they never got it just to get another check in the same month. All true ...more »

  Social Security Disabilty needs major reform. Too many people play the system and it is costing millions! What am I talking about? Overpayment's being wavied for people who worked while getting benefits knowing that they couldn't go over certain limits. Criminals receiving benefits while in jail, people who receive their check then lie and say they never got it just to get another check in the same month. All true things going on right now.

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  Submitted by Community Member 2 years ago

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  Ideas to Make Other Parts of Government More Efficient and Effective »

  Stop Pay - and - chase model

  Medicare spends millions of dollars collecting monies that should not have been paid to providers. Even when there is a history of a provider's overbilling, we still pay and then re-evaluate. This is an expensive model; often the funds are not retrievable. If more monies were available with mandated pre-payment reviews for providers with a history of overbilling, this would decrease the loss of millions of dollars ...more »

  Medicare spends millions of dollars collecting monies that should not have been paid to providers. Even when there is a history of a provider's overbilling, we still pay and then re-evaluate. This is an expensive model; often the funds are not retrievable.

  If more monies were available with mandated pre-payment reviews for providers with a history of overbilling, this would decrease the loss of millions of dollars to the Medicare program and, with legislative mandates, decrease the political influence of who can be placed on pre-payment reviews.

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  Submitted by Community Member 2 years ago

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