NEW YORK, April 04, 2024 (GLOBE NEWSWIRE) -- Epiq, a global technology-enabled leader to the legal industry and corporations, announced additional technology enhancements in anticipation of new digitization trends, continuing to ensure valid class action claims are honored and fraudulent claims are stopped.
EpiqShield™ is a proven anti-fraud process designed to protect the integrity of settlements against threats that continue to evolve at a startling pace. Clients can trust that EpiqShield's™ combined technologies, people, and protocols will protect the integrity of their settlement.
“Bad actors have ramped up their digital assaults on the class action claims process over the last few years,” said Loree Kovach, Epiq’s Senior Vice President of Strategy and Client Technology, who works with clients to asses complex matters and develop solutions for critical administrative tasks, including the integration and management of data from multiple sources and the handling of unique claims.
“They attempt to file illegitimate claims, stealing money from the actual class members who deserve their fair share of a settlement,” Kovach said. “We ensure valid claims are honored and fraudulent claims don’t stand a chance. Between our experience, innovative technology, tenured subject matter experts, and our real-time detection protocols, we have developed a fortified, multi-tiered approach to thwarting the onslaught of tech-enabled fraud.”
EpiqShield™ is a strategically curated approach based on decades of experience to succeed against bad actors. Its combination of real-time solutions and pre-payment data analytics combines technology with Epiq’s expertise and is tailored based on the unique aspects of each case. Epiq’s customized process continually monitors, detects, and blocks suspicious activity, while also expediting the processing and payment of valid claims.
Epiq has unmatched expertise in the complexities of settlement administration, with more than 30 years of experience administering thousands of settlements, including some of the largest and most complex in history. Its subject matter experts are acutely aware of the bot problem and have continuously improved solutions, including secure technologies and tested workflows, to weed out the fraudulent claims.
The playbook used by scammers is evolving as bot-submitted claims become more prevalent. Some common indicia of this type of activity include unanticipated claims coming in large numbers, claims traced back to a single digital footprint, and submissions lacking key identifiers. Simple best practices include asking for more unique personal identifiers in claim submissions, having sophisticated security controls, and advanced technology and staff that are agile enough to both implement a plan to address bot fraud at the outset of a project and adjust that plan based on activity throughout the case.
“As technology continues to evolve, more sophisticated ways to perpetuate fraud will inevitably surface,” Kovach said. “It is crucial to monitor trends in this space and understand what type of unusual activity may indicate bot-submitted claims. Having a partner with the right knowledge and technology offers the best chance to catch bots and reduce the risk of fraudulent claims, minimize the impact to the class and to the administration of the settlement, and ensure payment is only issued to legitimate claimants.”
EpiqShield™ uses extensive technology and information security resources, including digital footprint monitoring and secure banking solutions as internal tools to detect and prevent fraud attempts perpetuated by bots. It is able to block web traffic from bad actors, bot activity, and when appropriate, traffic from certain foreign countries.
EpiqShield’s™ digital payment solutions leverage end-to-end encryption and assist in detecting and screening out large-scale bot-filing attempts. Its physical check processes employ numerous anti-fraud measures, such as the use of special check stock, positive pay, and other banking protections, including Office of Foreign Assets Control (OFAC) review.
About Epiq
Epiq, a global technology-enabled services leader to the legal industry and corporations, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action, and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at www.epiqglobal.com.
Press Contact
Carrie Trent
Epiq, Director of Communications and Public Relations
Carrie.Trent@epiqglobal.com
