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The short term repair is to insert tooth picks in the hole and reinsert the screw. The tooth picks give the screw some bite.

Permanent repair: Assuming the rail is not screwed into metal backer plate.

Fill the screw hole with either Gorilla Glue or Marine Tex. Let cure and re-tap.

Note that Gorilla Glue expands 50% so tape off the area to protect from overspill. Only fill the hole 1/2 way. Trim off excess.

For Marine Tex, use a tooth wood stirring stick to make sure you pack the hole.