Quantexa’s Contextual Decision Intelligence chosen by UK Government to fight Covid-19 Loan Scheme Fraud

LONDON, 26 September 21. 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.”


[ENDS] 458 words


ABOUT QUANTEXA

Quantexa is a global data and analytics software company pioneering Contextual Decision Intelligence that empowers organisations 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, financial crime, customer intelligence, credit risk, fraud throughout the customer lifecycle.


The Quantexa 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 over 400 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.

Media contacts


Ines Mitsou

Positive

+44 (0)773 3134 110

imitsou@positivemarketing.com


Paul Maher

Positive

020 3637 0640

pmaher@positivemarketing.com