Pell Grant and Direct Student Loan Fraud are two of the biggest obstacles plaguing institutions of higher education and the worst part is, there’s no immediate end in sight. In 2016, almost $4 billion was disbursed improperly. With the feds cracking down and looking at new funding models, it’s uncertain what the future holds for financial aid or how it will affect students and schools. The feds have responded with new regulations that now make Title IV funding dependent on whether you are compliant with adequate student ID verification. Don’t you not want to know about this?
The latest case study from Biometric Signature ID (BSI) examines a series of best practices that have been collected from our clients who are using BioSig-ID, the world’s first biometric password. Initially it was implemented as an academic integrity strategy to ensure institutions verify and authenticate online students, However, the serendipitous discovery of BioSig-ID’s success in deterring FSA fraud has expanded the application of BSI’s tool beyond the focus of its original intended use. BioSig-ID is a powerful tool used to identity fraudulent activity. Ultimately this saves the institution, legitimate students and taxpayers who are all affected in some way by federal student aid fraud. What are the two ways that the feds make the school pay the tab for fraudulent students?
Biometric Signature ID is a leader in the Identity and Access as a Service (IDaaS) market. To view the entire study please click here.