Crazy! We know. Never before has the government allowed local governments and other state agencies, including PHAs, to capture any benefit from their cash management agreements. Banking interest, refunds, fraud recapture, it all goes back to HUD, right? They did... until now! When a government agency uses Haploos' Virtual Card to issue payments to vendors or even other agencies, the rebates they receive authorized as "new revenue" and can be kept and used as Unrestricted Funds"!
Passive fraud is when someone (vendor or landlord) receives a payment they are not entitled to, but didn't do anything to get the payment. For example, if a voucher holder moves into an apartment for 2 months, automatic payments are setup, and they then moves out and don't tell anyone, that is passive fraud. Automatic payments continue for a few extra months.
Haploos' patent pending Virtual Card Program is built specifically for PHAs and governments. Fraud is constantly being perpetrated against PHAs and governments in very specific and predictable ways. We bring together several proprietary technologies and use them INSIDE the payment process. Other providers are on the OUTSIDE trying to make educated guesses about what happened. We are the payment, we are on the inside, and we prevent the fraud and identify what we cannot prevent.
Haploos' patent pending Virtual Card Program can force all landlords to certify the voucher holder is still living in their unit.
This is a game changer for PHAs. Before, PHAs and HUD had very little authority and ability to recapture passive fraud. With our technology, any PHA can prevent and quickly recover all passive fraud funds, up to four full months after the transaction in question.