Exclusive video: Fraud detection insight from Data Reply UK

Fabio Ardossi and Rishan Shah from Data Reply UK provide insight and expertise on the topic of fraud detection at FinTech LIVE London 2023

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.

FinTech LIVE London 2023 was held at the QEII Centre in the heart of Westminster

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. 


For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.

You may also be interested in our sister site, InsurTech Digital, which you can also follow on LinkedIn and Twitter.

Please also take a look at the playlist for our latest hybrid event, FinTech LIVE London, to learn all about the latest trends in fintech. 


BizClik is a global provider of B2B digital media platforms that cover executive communities for CEOs, CFOs and CMOs, as well as leaders in Sustainability, Procurement & Supply Chain, Technology & AI, Cyber, FinTech & InsurTech. We also cover industries including Manufacturing, Mining, Energy, EV, Construction, Healthcare and Food & Drink.

BizClik, based in London, Dubai and New York, offers services such as content creation, advertising and sponsorship solutions, webinars and events.


Featured Videos

View all

SAVE THE DATE: FinTech LIVE Dubai 2024 (Virtual)

Everything you need to know about FinTech LIVE Dubai (Virtual), the second virtual event of the year for FinTech Magazine

Digital Payments

Money20/20 USA: Payoneer – Helping SMEs in Emerging Markets

Financial Services (FinServ)

Money20/20 USA: Standard Chartered talks digital ecosystems

Digital Payments

Money20/20 USA: Serena Smith from i2c on customer-centricity