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

Lead Participant: MONTAGUE SYKES LIMITED

Abstract

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.

Lead Participant

Project Cost

Grant Offer

 

Participant

MONTAGUE SYKES LIMITED

Publications

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