Challenge: Uncovering Energy Fraud

By
M Adam
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0
27

According to the latest research from the Economist Intelligent Unit [1], fraudulent behavior and illegal connections in the power distribution grid reported by energy companies have increased significantly in recent years. These behaviors generally result in a discrepancy between the amount of energy declared by the consumer and the amount consumed, leading to billing problems and significant financial losses to the energy company. However early Energy Fraud Detection is poorly developed because it is more dependent on it Complex prediction systems. For these reasons, A2A advanced analysis software systems which can help him to detect and prevent fraudulent behavior in his network, to optimize the number of checks and thus reduce the associated costs. 

This reduction-to-practice challenge requires written documentation and experimental proof-of-concept data if available. The Seeker tests promising solutions for their ability to meet the requirements of the challenge.

 

overview

Utilities provide an essential service by providing electricity to homes, businesses and factories, monitoring individual customers’ consumption and collecting data to further develop their services. However, according to the Economist Intelligence Unit, many European companies have reported that financial losses from fraud (estimated at up to 5 percent of the company’s annual profit) are increasing as fraud techniques become more sophisticated to identify company vulnerabilities.

Entries for this challenge must be received by 11:59 p.m. Eastern Time on February 3, 2023.

 

Source: InnoCentive


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