Exclusive video: Fraud detection insight from Data Reply UK
Held at the QEII Centre in the heart of Westminster, London, our annual two-day conference FinTech LIVE London 2023 was a disruptive learning and networking event showcasing the industry’s leading figures across innovation, thought leadership and strategy.
On day one, audience members were treated to insight and expertise on the topic of fraud detection from Fabio Ardossi, Partner at Data Reply UK, and his colleague, Rishan Shah, Senior Data Scientist.
Data Reply UK unveils Project Fusion
Shah began by painting a picture demonstrating the scale of the fraud problem in the UK, highlighting that £1.2 billion was stolen through fraudulent activity in 2022.
He went on to outline the solutions and limitations in relation to fraud prevention, which is where Data Reply UK comes in.
"Typically, 90% of all alerted transactions are false positives, meaning it's been flagged as fraud but it's not actually [fraud]," said Shah. "The question we're trying to address is, 'can we improve the current methods of sifting through this false-positive data and reduce false positives with novel machine learning techniques?'"
"What we've created is something called Project Fusion, an amalgamation of several different machine learning methodologies."
Shah delved deeper into the technicalities of Project Fusion, before summarising the ultimate goal.
"If we're able to reduce the false positives, what we'd end up doing is creating a cost saving where humans are less involved in sifting through this information to understand what is a true suspicious activity," he added.
"Of course, this increases operational efficiency, but what it also does is reduce the amount of human intervention and, therefore, humans get less fatigued."
To watch the session in full, simply follow the video link at the top of this story.
Want to see more from FinTech LIVE London 2023? Stay tuned to our website for more content, which will be coming your way very soon.
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