LONDON, March 14, 2024 (GLOBE NEWSWIRE) -- Quantexa, the global leader in Decision Intelligence (DI) solutions for the public and private sectors announced that it is continuing to build on its work with the Cabinet Office and the Public Sector Fraud Authority (PSFA) to support the UK government in detecting suspicious networks, activity and users that warrant further investigation for organized crime and sanctions evasion.
This comes as the government announced upgrades to its AI-powered fraud detection tool, called the Single Network Analytics Platform – which was initially launched by the Public Sector Fraud Authority in 2023 as part of its £4 million partnership with Quantexa. It was agreed that the tool would be regularly updated with new datasets, each significantly increasing the government’s ability to detect fraud committed against the public sector.
Quantexa’s AI technology – which analyzes millions of pieces of public sector data - will be used as part of the government’s upgrade efforts to detect improper claims on public funds through mechanisms like contracts, grants, and loans. With the release of the PSFA’s SNAP 2 Platform, Quantexa’s AI technology will enable the Financial Conduct Authority and Companies House to identify shell companies and bad actors.
The upgrade, which took effect earlier in March, saw three new datasets uploaded to the Single Network Analytics Platform:
- 18K UK and US sanctioned entities, including those introduced following Russia’s invasion of Ukraine
- 1K World Bank debarments, that are deemed ineligible for World Bank contracts
- 647K UK dormant companies, that do not have any income
Quantexa has been working with the PSFA for over a year - which was set up to help public bodies tackle fraud against the public purse – to apply cutting-edge capabilities from its Decision Intelligence Platform, including Entity Resolution, Graph Analytics, and Artificial Intelligence, to find and prevent more fraud across the public sector.
Vishal Marria, CEO of Quantexa, said: “Today we’re excited to announce that we are continuing to build on our work with the Cabinet Office and the Public Sector Fraud Authority to support the UK government on its journey to modernising the civil service. With the latest release of PSFA’s SNAP 2 Platform, Quantexa's AI technology is enabling the UK Government to connect its data to spot otherwise hidden indicators and patterns that could pose a risk to government programs. Together this is how we drive innovation and continue the journey to achieve greater efficiencies by empowering investigative teams with the solutions and context they need to form trusted decisions at speed, to protect and optimize the use of government resources and funding.”
Baroness Neville-Rolfe DBE CMG, Minister of State at the Cabinet Office, said: “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. This comes on top of new funding announced in the Spring Budget that will see the government invest a further £34 million into the Public Sector Fraud Authority to build the next generation of counter-fraud technology, saving taxpayers an estimated £100 million over three years.”
Mark Cheeseman OBE, Chief Executive of the Public Sector Fraud Authority, said: “The upgrades we are making to our SNAP 2 Platform will give the government a greater understanding of the networks and entities potentially defrauding taxpayers. Working with departments and public bodies the Public Sector Fraud Authority will use this Platform to connect more data to find and prevent more fraud.”
About Quantexa
Quantexa is a global data and analytics software company pioneering 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 Decision Intelligence 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 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 700 employees and thousands of users working with billions of transactions and data points across the world. The company has offices in London, Dublin, Brussels, Malaga, UAE, New York, Boston, Toronto, Sydney, Melbourne, and Tokyo.
Media Enquiries
C: Stephanie Crisp, Fight or Flight
E: Quantexa@fightorflight.com
C: Adam Jaffe, SVP of Corporate Marketing
T: +1 609 502 6889
E: adamjaffe@quantexa.com
- or -
RapidResponse@quantexa.com
