The UK’s new counter fraud team says it has saved taxpayers £311 million in its first 12 months of operation, exceeding its initial target of £180 million when it launched last year.

According to its first annual report, the Public Sector Fraud Authority worked with public bodies that helped prevent, identify and recover public money lost to criminals.

Over £99,476,000 was recovered by using government data to identify fraud in the Bounce Back Loan Scheme, while around £40,509,500 was recovered from loans that were repaid after the government blocked companies from being removed from the Companies Register due to outstanding loans.

Since it launched in August 2022, the authority has hired around 30 counter fraud experts and introduced technical counter fraud training for professionals across the public sector.

The Public Sector Fraud Authority has also signed a partnership with the Australian Government’s Commonwealth Fraud Prevention Centre, to share best practice and facilitate secondments between the two organisations.

The figures come as the authority announces the launch of a new AI tool which analyses millions of data points from across the public sector to identify patterns or connections that could indicate fraudulent activity.

Companies House is the first organisation to use the platform, with the government saying it will be rolled out to other public sector bodies soon.

“When fraud does occur, we’ve partnered with the private sector to use the very latest technology to identify criminal networks and recover public money,” said Baroness Neville-Rolfe DBE CMG, minister for the cabinet office. “It is exciting to be rolling out our new fraud busting AI tool in partnership with Quantexa.

“But there’s more work to do. Last week I sat down with industry bosses to discuss further action we can take to reduce the money lost to criminals. By forming partnerships, both within government and across the private sector, we will remain prepared for the ever-changing threat posed by fraudsters.”

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