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According to the most recent research by the Economist Intelligent Unit [1], fraudulent behavior and illegal connections in the electricity distribution network 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 versus the amount used, leading to accounting problems and significant financial losses for the energy company. However, early energy fraud detection is poorly developed because it relies on rather complex predictive systems. For these reasons, A2A is looking for advanced analytics software systems that can support it in identifying and preventing fraudulent behavior in its network, optimizing the number of checks and thus reducing the associated costs.
This Reduction-to-Practice Challenge requires written documentation and experimental proof-of-concept data if available. The Seeker will test promising solutions for their ability to meet the requirements of the Challenge.
Overview
Utilities provide an essential service, supplying electricity to homes, businesses, and factories and monitoring the consumption of individual customers, capturing data to develop their services further. According to the Economist Intelligence Unit, however, many European companies have reported that financial losses due to fraud (estimated at up to 5 percent of the company’s annual profit) are on the rise as fraud techniques have become increasingly sophisticated in identifying companies’ weaknesses.
Submissions to this Challenge must be received by 11:59 PM (US Eastern Time) on February 3, 2023.
Source: InnoCentive
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