The Insolvency Service has signed a three-year contract with AI company Quantexa to help investigators uncover complex financial crime, focusing on serial company phoenixing, the missing billions in covid related fraud which have gone below the radar, and high street money laundering fronts.
With more than £4bn lost to Covid related support scheme fraud, the use of the new AI tools from Quantexa will connect fragmented data on people, companies, addresses and transactions, ‘helping investigators expose hidden links, prioritise high risk cases and accelerate investigations’, the Insolvency Service said.
The new Quantexa tools will help accelerate fraud investigations, using AI to prioritise high risk cases and focus Insolvency Service…