Watchdog artificial intelligence to stop rigged bids
The head of the competition watchdog said it is testing an artificial intelligence-powered tool to tackle “bid manipulation” in the economy.
Sarah Cardell, boss of the Competition and Markets Authority (CMA), said the tool was designed to reduce the “significant risk” of companies colluding when bidding for government contracts, which are worth around £300 billion a year.
AI will be used to sift through data and identify “areas of potentially anti-competitive behavior,” she told the Financial Times.
The CMA boss said a process in one ministry had already ‘proved quite successful’.
Progressive thinking: The CMA said a trial in one government department has already ‘proved quite successful’
It comes as rules are set to be implemented that could ban companies from bidding for government contracts if they violate competition laws.
DIY INVESTMENT PLATFORMS
A. J. Bell
A. J. Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund trading and investment ideas
interactive investor
interactive investor
Invest for a fixed amount from € 4.99 per month
Sax
Sax
Get £200 back in trading fees
Trade 212
Trade 212
Free trading and no account fees
Affiliate links: If you purchase a product, This is Money may earn a commission. These deals have been chosen by our editors because we believe they are worth highlighting. This does not affect our editorial independence.