Quantexa, the global leader in Decision Intelligence (DI) solutions, has announced its collaboration with the UK government to enhance fraud detection. The company is working with the Cabinet Office and the Public Sector Fraud Authority (PSFA) to detect suspicious networks and activity associated with organized crime and sanctions evasion.
The collaboration builds on the success of Quantexa’s AI-powered fraud detection tool, called the Single Network Analytics Platform (SNAP). The tool was initially launched by the PSFA in 2023 and has been regularly updated with new datasets to increase the government’s ability to detect fraud against the public sector.
Quantexa’s AI technology analyzes millions of pieces of public sector data to identify improper claims on public funds, such as those made through contracts, grants, and loans. The tool has been upgraded with three new datasets, including information on sanctioned entities, World Bank debarments, and UK dormant companies.
The upgrade to the SNAP 2 Platform enables the Financial Conduct Authority and Companies House to identify shell companies and bad actors. This technology is crucial in preventing fraud and protecting the proper use of government resources and funding.
Vishal Marria, CEO of Quantexa, expressed excitement about the collaboration and the company’s role in modernizing the civil service. He emphasized the importance of connecting data to spot hidden indicators and patterns that could pose a risk to government programs.
Baroness Neville-Rolfe, Minister of State at the Cabinet Office, highlighted the significance of the collaboration, stating, “Working with Quantexa to add sanctions and debarments data to the Platform is a major step up in our capability that will help us identify organized networks stealing from the public purse.”
Mark Cheeseman, Chief Executive of the PSFA, emphasized that the upgrades to the SNAP 2 Platform will provide the government with a greater understanding of potential fraud networks and entities. The platform will enable the PSFA to connect more data, identify fraud, and prevent further loss to taxpayers.
The collaboration between Quantexa and the UK government comes alongside new funding announced in the Spring Budget, which will see an investment of £34 million into the Public Sector Fraud Authority. This investment aims to build the next generation of counter-fraud technology, saving taxpayers an estimated £100 million over three years.
Quantexa, founded in 2016, is a global data and analytics software company that empowers organizations to make trusted operational decisions. Its Decision Intelligence platform offers a contextual, connected view of internal and external data, enhancing operational performance with accuracy and speed.
With offices across the world, Quantexa has become a leader in the field of AI-powered decision intelligence, helping organizations tackle fraud, risk, and financial crime throughout the customer lifecycle.
The collaboration between Quantexa and the UK government demonstrates the power of AI technology in detecting and preventing fraud. By leveraging data and advanced analytics, organizations can protect public resources and ensure the proper allocation of funds. The upgrades to the SNAP 2 Platform will provide the government with increased visibility and help combat fraud networks more effectively.
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