IDEVCO Wins Major Fraud and Money Laundering Detection Engineering Contract

IDEVCO, Inc., an information technology-consulting firm based in Arlington, VA, has won a Phase One System Engineering and Integration (SE&I) contract with Truth Technologies, Inc., also of Arlington, VA. The project will entail the development of an advanced fraud and money laundering detection system. IDEVCO is responsible for developing the core system architecture that will simultaneously access dozens of disparate commercial and government information sources and, by utilizing advanced pattern recognition software, will be capable of detecting fraudulent activities carried out by individuals, corporations and organizations. The system will also support users utilizing foreign languages, with the initial launch version supporting German, French and English.

The system has already generated interest from several European governments and domestic and international financial services firms. According to David Olenzak, President and CEO of iDEVCO, this new tool will "add a new weapon for law enforcementand compliance officers in the fight against money laundering and bank fraud, which has been highlighted by the U.S. Government, the OECD and the European Union as a threat to the stability of emerging countries and the global financial services sector."      

Although nearly a dozen companies were evaluated as contenders for this project, Truth Technologies selected iDEVCO due to the unique qualifications of iDEVCO's staff and the company's subcontractors. IDEVCO has developed similar database driven applications for E-commerce companies and the U.S. Government, and the company has worked on similar fraud and money laundering detection applications in the past for commercial clients. Veritas Analytics, Inc., of Dulles, Virginia, an iDEVCO partner, is one of the country's leading providers of market research, Open Source, and risk assessment services for commercial and government organizations. According to Chris Ashe, Vice President of Business Development at iDEVCO, "Our proposal was truly enhanced by the capabilities of Veritas Analytics. While iDEVCO is proficient in the development of complex IT systems, Veritas is capable of identifying the information sources, both in the U.S. and overseas, that will populate the Truth Technologies system and offer a greaterbreadth and depth of information than is currently available on competing systems."

To learn more about this program, please contact Christopher Ashe, Vice President of Business Development at iDEVCO (703) 298-0206, or by e-mail at cashe@idevco.com, or via the iDEVCO web site at www.idevco.com. To learn more about the Open Source, Business and Market Intelligence Services of Veritas-Analytics, please contact Don Gendron, Executive Vice President, at (703) 707-5623, or by e-mail at dfgendron@veritas-analytics.com.