LONDON, Today Quantexa, a global data and analytics software company, announced the Cabinet Office has selected its pioneering Contextual Decision Intelligence (CDI) technology to help the UK Government detect fraud in the COVID-19 loan schemes and assist in the fight against financial crime.
During the pandemic, fraudulent and illegal organisations are alleged to have abused the Government’s support system to defraud the UK taxpayer. The Cabinet Office is adopting Quantexa’s powerful entity resolution and network analytics technology to detect and fight this type of crime.
Quantexa’s advanced CDI software delivers best-in-class scheme-level network analytics and this will help Government efforts to pinpoint companies and individuals suspected of fraud. This would be impossible or impractical for manual processes to achieve. With CDI, data becomes more accessible and datasets from many sources join together to reveal real-world illicit behaviours bolstering the ability to detect and deter future fraud.
The software can reveal hidden connections and relationships between people and organisations, surfacing suspicious activities for future investigations. Quantexa’s CDI technology is already used by banks like HSBC and Standard Chartered in their anti-fraud departments, and adds to the Government’s rank of solutions already deployed to fight fraud.
Vishal Marria, CEO at Quantexa, commented: “The COVID loan schemes were designed to help the nation at a time of deep economic need, and we are honoured our Contextual Decision Intelligence technology is supporting the UK Government’s tenacious efforts to fight fraud.”
He added: “Contextual Decision Intelligence is invaluable when organisations need to dig deeper for better intelligence and insights, spot hidden risks and opportunities, and make better decisions.”