CROATIA: Nexi Croatia Incorporates Novel Fraud Detection System
Nexi Croatia, a leading PayTech company in Europe, has made a significant step forward in the rapidly changing landscape of payment solutions by incorporating a novel fraud detection system designed by CROZ. This innovative system combines machine learning techniques with large amounts of historical data to improve the prediction quality and efficiency of fraud detection.
Improving Fraud Detection
The previous rule-based fraud management system used by Nexi Croatia was effective but lacked flexibility and adaptability. The new system uses machine learning algorithms to analyze large amounts of data and predict fraudulent transactions more accurately. According to Maja Žuvić, Data Scientist, and Nataša Benčić, Senior Product Expert at Nexi Croatia, the company’s previous system had several limitations.
- Large amounts of data made it challenging to process and analyze
- Unsuitable environment hindered the system’s performance
- Gradual drop in performance over time reduced its effectiveness
- Lack of near real-time machine learning (ML) solution limited its ability to adapt quickly
Challenges Addressed
The project, completed with CROZ’s assistance, aimed to address these challenges by:
- Improving big data processing capabilities
- Creating a new fraud classifier
- Conducting feature analysis
- Designing a near real-time architecture
Results
The results of the project were impressive, with the new system achieving:
- Increased dataset quality
- Larger historic scope
- Speed-up of feature creation
- Simplified code maintenance
- Improved ML model with greater capacity
The prediction quality of the new model is significantly better across all metrics, making it more effective at detecting frauds while reducing false positives.
Conclusion
The incorporation of this novel fraud detection system marks a significant step forward for Nexi Croatia in its mission to provide fast and safe payment solutions to people, businesses, and financial institutions worldwide. By staying ahead of the curve in payment solutions, Nexi Croatia is committed to protecting its customers’ transactions while ensuring a seamless user experience.