Cutting Edge Data and AI Tech to Help Government Hunt Down FraudstersJan 30th, 2023
Quantexa’s Decision Intelligence Platform will be implemented to fight economic crime, targeting public services and modernizing the civil service
LONDON, 30 January 2023 – Data analytics experts Quantexa has been awarded a new contract to help the government recover public sector debt, the Cabinet Office has announced.
The Public Sector Fraud Authority (PFSA), which was set up last year to help public bodies tackle fraud against the public purse, will work with Quantexa to use new data and cutting-edge technology, including Artificial Intelligence, to find and prevent more fraud across the public sector. Quantexa’s technology is capable of processing billions of data points at high speed to identify suspicious activity.
The £4 million contract is part of a wider investment across government to take the fight to those committing fraud against the taxpayer – rooting out fraud and using modern tools and techniques to stop it before it happens.
Quantexa CEO Vishal Marria said:
“The most effective way to fight the rise of economic crime is with sophisticated data and analytics technology. Fraudsters attacking citizens through public services need to be anticipated and stopped, which this partnership is set to do. As economic crime policy continues to evolve, innovative Decision Intelligence technology can ensure the accurate and effective use of data and analytics that quickly spots risk by providing the context needed to empower decision makers to form trusted decisions. We’re excited to continue our work with the Cabinet Office to support the UK government in its journey to modernizing the civil service, which includes greater transparency on their approach to fighting criminals targeting the public.”
Cabinet Office Minister Baroness Neville-Rolfe said:
“Fraud against the public purse is unacceptable and we’re stepping up the fight against those who wish to profit off the backs of taxpayers. Through the use of cutting-edge technology, the Public Sector Fraud Authority will use data and AI to help us in the fight against fraudsters.”
The Cabinet Office previously worked with Quantexa to reveal instances of potential fraud within the government’s Bounce Back Loan Scheme. This involved analyzing an initial set of 250 networks of people, organizations, and places during which more than 100 million data items were processed.
PSFA CEO Mark Cheeseman said:
“We know that fraudsters are a capable and committed adversary and the way they commit fraud is diverse and evolving. As criminals develop more sophisticated tools, we too must innovate and modernize our approach to prevent fraud. By bringing together expertise and tools from the public sector and private sector we will raise our ambition and challenge ourselves to increase our impact on this often unseen and underestimated crime.”
The PSFA was backed by £25 million of funding. It will be the center of the government’s Counter Fraud Function and It has been tasked with modernizing the government’s counter fraud response, working with departments and public bodies to improve their fraud defences and using leading practice and modern techniques to protect taxpayer money.
It has set a first-year target of £180 million of recognized fraud benefits, which it is on course to hit.
The PSFA is part of a wider spending drive by the government since March 2021 of £768 million to combat fraud. This was followed by a further £48 million to establish the PSFA, and to build BEIS’s fraud capability and further investment in welfare fraud within DWP in 2022.
The Government Counter Fraud Function brings together the c.13,000 people who work in departments and public bodies to fight fraud. This includes those working to understand and mitigate fraud risk within their organizations and those who work in the public sector to fight economic crime.
Quantexa is a global data and analytics software company pioneering Contextual Decision Intelligence that empowers organizations to make trusted operational decisions by making data meaningful. Using the latest advancements in big data and AI, Quantexa’s platform uncovers hidden risk and new opportunities by providing a contextual, connected view of internal and external data in a single place. It solves major challenges across data management, KYC, customer intelligence, financial crime, risk, fraud, and security, throughout the customer lifecycle.
The Quantexa Contextual Decision Intelligence Platform enhances operational performance with over 90% more accuracy and 60 times faster analytical model resolution than traditional approaches. Founded in 2016, Quantexa now has more than 500 employees and thousands of users working with billions of transactions and data points across the world. The company has offices in London, New York, Boston, Washington DC, Brussels, Toronto, Singapore, Melbourne, and Sydney. For more information, contact Quantexa here or follow us on LinkedIn.
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