Quantexa, the data and analytics software company pioneering Contextual Decision Intelligence (CDI), announced today that it has partnered with leading UK rail firm Govia Thameslink Railway (GTR) to help stem the rising tide of rail fraud.
The UK government is pushing forward with efforts to create a more unified rail system from 2023 onwards. GTR, a staple of the British railway industry, has taken the initiative by turning to the leaders in CDI technology to tackle its multi-faceted fraud problem.
Quantexa’s data and analytics software has enabled GTR, which is responsible for the Thameslink, Great Northern, Southern and Gatwick Express airport services, to claim back revenues historically lost to two key fraud types:
Delay Repay Fraud: A scam where fraudsters claim to be ‘delayed’ customers and make fictitious claims for compensation. Early indications suggest that Quantexa’s technology will save GTR over £600,000 per year in this area, introducing significant automation and vastly reducing costly human review time.
Ticket Fraud: Offenders buying purposefully incorrect tickets and skipping fares is an area of concern for GTR. CDI software has enabled GTR to identify serial offenders that avoided paying fares worth thousands of pounds, resulting in significant time savings for fraud teams.
Quantexa’s technology has also enhanced GTR’s procurement process, allowing GTR to analyse the supply chain to identify new or hidden risks. By consolidating reams of data about vendors that was previously spread disparately across internal systems, it can now use this data in a single contextual view to inform vendor management decisions, ensuring maximum ROI across the supply chain. This not only offers significant time savings for onboarding and managing vendors, but helps the company continuously monitor for risks as they arise.
“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,” said Ian McLaren, Chief Financial Officer, Govia Thameslink Railway.
“However, Quantexa’s technology has not only helped us turn the tables in the fightback against fraudsters – 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.”