ANNAPOLIS, Md. (October 3, 2016) – The Maryland Comptroller’s Office has been selected by a national panel recognizing the agency for its work in identifying tax fraud and identity theft. Created by Drexel University and CIO.com, the Analytics 50 Awards selected 50 executives who use analytics to solve business challenges. The Comptroller’s Office was chosen for its “innovative use of analytics to create and deliver business value” by judges for Drexel University’s LeBow College of Business and CIO.com, an information technology media company.
“The state-of the art technology used by my agency, together with the diligent work of my team of investigators, has helped to halt the brazen filing of radioactive state tax returns,” said Comptroller Peter Franchot. “I’m very proud of our efforts to root out fraudsters who try to cheat Marylanders and steal the money our state needs for schools, roads and many worthy programs.”
The Comptroller’s Office was selected for its ability to uncover fraudulent tax returns. For the 2015 tax year, the agency prevented $38.6 million in about 35,000 fraudulent refunds from being issued. For current tax season, the agency was able to detect fraudulent returns filed by 61 private tax preparers at 68 locations throughout the region and out of state.
“As the perpetrators of this type of fraud have proliferated in recent years and their methods have become highly sophisticated, the Comptroller of Maryland sought a new strategy with analytic modeling,” said Andrew Schaufele, director of the Bureau of Revenue Estimates.
“We are extremely impressed with the company honorees and to learn how the use of innovative analytics has played a pivotal role in providing organization solutions across industries,” said Dr. Murugan Anandarajan, department head of Decision Sciences and MIS at Drexel University.
The Analytics 50 selectees represent a broad spectrum of industries, ranging from pharmaceuticals and healthcare to sports and media. The winners will be recognized November 9 at Drexel University in Philadelphia.