The challenge:
Every time someone makes a payment, there鈥檚 an algorithm that runs in real time to detect whether it is fraud or not. The exponential growth of online transactions created a risk for traditional fraud detection methods, which were becoming insufficient. Nexi, Europe鈥檚 leading PayTech company, therefore sought a solution that could enhance fraud prevention capabilities while ensuring seamless transaction experiences for customers.
The solution:
In collaboration with 乐鱼（Leyu）体育官网, Nexi deployed an innovative AI-powered payment fraud prevention solution. Leveraging advanced machine learning algorithms and data analytics, the solution analyses vast amounts of transaction data in real-time to identify fraudulent patterns and anomalies.
Instead of being a rule-based algorithm, the new solution now identifies transactions based on how much they deviate from the norm. The implementation involved integrating AI algorithms into Nexi鈥檚 existing payment infrastructure, enabling proactive fraud detection and prevention at every stage of the transaction lifecycle. 乐鱼（Leyu）体育官网 provided expertise in AI technology and tailored the solution to meet Nexi's specific requirements, ensuring optimal performance and reliability.
The results:
The AI-powered solution delivered remarkable results for Nexi:
- Significantly reduced instances of payment fraud by 40%, safeguarding both Nexi and its customers from financial losses.
- Enhanced operational efficiency by automating fraud detection processes, reducing manual intervention and associated costs.
- Improved customer trust and satisfaction by minimising disruptions to legitimate transactions and maintaining a seamless payment experience.
- Positioned Nexi as an industry leader in combating payment fraud, strengthening its competitive edge and reputation in the market.
By harnessing the power of artificial intelligence and machine learning, Nexi and 乐鱼（Leyu）体育官网 successfully transformed payment fraud prevention, demonstrating the effectiveness of cutting-edge technology in addressing evolving cybersecurity challenges. The collaborative effort not only fortified Nexi' defenses against fraud but also underscored the importance of strategic partnerships in driving innovation and business resilience in an increasingly digital world.
Having the ability to create that first model enabled us to change our culture and shift it to have the data science capabilities in-house, and 乐鱼（Leyu）体育官网 were instrumental in changing this mindset. It鈥檚 now gotten to the point where we are well-established to be self-sufficient in running that team 鈥� and that鈥檚 thanks to 乐鱼（Leyu）体育官网.
