The Public Sector Fraud Authority has claimed to have surpassed its target for saving money for taxpayers over its first year in operation.
It has reported savings of £311 million compared with a target of £180 million when it was launched in August of last year, attributing the success to the use of AI and data analytics, the comparison of datasets from more than 1,000 public bodies, and the use of counter fraud flags.
Minister for the Cabinet Office Baroness Neville-Rolfe described the achievements at a meeting of the International Public Sector Fraud Forum, hosted by the UK Government in London this week, and said the figures will be officially published soon in the authority’s first annual report.
The AI and analytics initiatives have been run through partnerships with private sector businesses such as the tech unicorn Quantexa, while the comparison of datasets has taken place under the National Fraud Initaitive, which helps to identify discrepancies that may be evidence of fraud.
The use of counter fraud flags refers to instances when the authority shares intelligence with lenders to help them recover stolen money.
“The £311 million saving is a big win for taxpayers,” Neville-Rolfe said. “It shows the Public Sector Fraud Authority is delivering its mission to transform the way we fight fraud.
“Every pound stolen by fraudsters is one pound less spent on schools, hospitals, and other vital public services.”