Data and analytics software company Quantexa has partnered with UK rail firm Govia Thameslink Railway (GTR) to help stem the rising tide of rail fraud and double down on scam detection and prevention.
Quantexa’s technology will save GTR over £600,000 per year in this area, introducing significant automation and vastly reducing costly human review time.
Quantexa’s data and analytics software will enable GTR, which is responsible for the Thameslink, Great Northern, Southern and Gatwick Express airport services, to claim back revenues historically lost to delay repay fraud as well as ticket fraud. Delay repay fraud is a scam where fraudsters claim to be delayed customers and make fictitious claims for compensation.
In addition, offenders buying purposefully incorrect tickets and skipping fares is an area of concern for GTR. Quantexa’s Contextual Decision Intelligence (CDI) software will enable GTR to identify serial offenders that avoided paying fares worth thousands of pounds, resulting in significant time savings for fraud teams.
The new system, which will also help GTR with procurement decision-making, uses massive datasets and triangulates internal and external information to discover the real-world behaviours hiding behind the spreadsheets. Serial fraudsters get caught in the net by showing their hand when they use same contact details, birthdays, bank accounts etc.
Commenting on the increasing need to stop fraud in its tracks GTR CFO Ian McLaren, said, “Our partnership with Quantexa is breaking new ground for the industry, allowing us to make practical use of cutting-edge AI. Quantexa’s CDI platform has fundamentally changed the way we identify and stop fraud, allowing us to leverage previously hidden intelligence and insights.
“However, Quantexa’s technology has not only helped us turn the tables in the fightback against fraudsters – but it has also offered us a far richer picture of risk across our vendor supply chain, supporting better operational decision making across the business. This is exactly the type of analytics technology which will help us build back better following the impact of Covid-19.”
Echoing a similar sentiment, Quantexa CEO Vishal Marria said, “We are proud to help the railway industry and millions of passengers that use GTR’s services everyday by stemming the tide of fraud, and optimising its procurement process. Quantexa has been expanding outside of the financial services sector into sectors that can benefit from a contextual view of data and better, trusted operational decision making and this is further proof of the massive potential that CDI has to make an impact across many industries.”
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