An intelligence system that identifies hidden COVID-19 fraud against Government Departments, Banking, Insurance and Organisations

COVID-19 has caused a surge in fraud by organised crime groups using multiple or stolen identities. Estimates for pandemic fraud against the UK Government include £3.5bn against the Furlough Scheme (BBC, 2020) and perhaps 26bn of fraud relating to the Bounce Back Loan Scheme (NAO, 2020).

An 140% rise in bogus COVID related claims against airlines and hotels claiming negligence in applying the Government guidelines has been identified (Travolution, 2020). Travel related fraudulent COVID-19 claims look set to exceed £365 million, the total cost of claims to the industry in 2017/18 (ABI, 2020).

Currently, there is no system that permits record sharing, making it virtually impossible for practitioners to identify multiple and fraudulent claims.

Montague Sykes Limited (Montague) is a UK SME specialising in system development that aims to solve this significant, unmet global need. It will use AI to predict fraud and a new claims module to manage illness related fraud that could significantly reduce repeat and hidden fraud against organisations, enhance police capability and generate a year-5 post-project revenue of £5M.

Project impacts:

3- 6 months - ongoing user acceptance trials/ feedback

12 months - crime reduction = money and timed saved by users

18 months - resulting savings will strengthen thin industry margins saving jobs saved and new jobs created. Montague will require additional staff to service this market.