How does an Online Payment Fraud Detection Company Advance its Software Infrastructure to Prevent and Overcome Credit Card Fraud?

An online payment fraud detection company despite being in the business suffered in the face of a significant credit card fraud incident in 2020. The company authorities turned to Research Nester seeking its services for developing strategies for advancing their software to prevent fraud through customized research consulting services.

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An overview:

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The company was in the business of detecting online payment frauds for its clients since around 2006. Its client list included top online payment companies and banks in the world.

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However, its reputation and reliability went for a toss, when in 202, the company ironically experienced a significant credit card fraud incident. An unauthorized third party attempted to steal a lump sum of money through an online transaction with a credit card.

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With serious repercussions facing the customers, investments, and governments, the company’s trust, reputation, and revenue went for a toss.

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To prevent any similar future mishap, the company authorities turned to Research Nester to devise advanced software that would detect credit card fraud and navigate through the current crisis.

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The Story

The Company, a reputed online payment fraud detection company with a strong market position unexpectedly detected a credit card fraud happening in 2020. To make its platform a safer place for online transactions for its customers, the company has been contacted by an E-commerce and financial services company that offers products and services that can be paid for using mobile money or a bank card, such as Visa and MasterCard. The company has lately supported two machine learning solutions with a leading Financial Data Provider which covers Global Investment Capital, Private Equity, and Public Markets. With this software integration, the company was able to restrict the extent of the mishap, but to avoid any future instances, the company sought the services of Research Nester analysts. Research Nester offered a customized solution in the form of a report on online payment fraud detection. It provided a detailed analysis related to advanced technological solutions to prevent the company from credit card fraud in the future.

Our Solution:

The company’s existing software for online payment fraud detection was not advanced enough and that paved way for the incident. With extensive customized research, analysts concluded that the fraud detection software needed more advanced features and regular check-ups to evaluate performance. Research Nester consultants suggested revamping the company’s software practices in the following ways-

  • Trend detection service, which is a microservice with a visual interface that helps clients find trends on the market worthy to invest in.
  • Market map solution, aimed to collect and categorize information about companies in different industries with a visual interface, flexible functionality, and additional features.
  • Use of Machine Learning algorithms and natural language processing techniques in a web crawler tool to search and analyze financial news.
  • Conducting regular online payment security audits.
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Results

The company maintained a strong market position as of 2020. The sudden online payment fiasco incurred a loss of revenue and further legal complications. Our client’s online payment fraud detection platform became a safer service and gained more loyalty from their customers after the timely guidance from Research Nester. New fraud schemas and patterns have to be developed and discovered as soon as possible because Fraud Detection models need to be continually trained when new data arrives. By incorporating the strategizes as advised by Research Nester consultants, there was an increase in the revenue for the company. In 2020, growth of 12% was only marked but by the end of 2022, it rose to 20%.

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Swara Keni

Head- Global Business Development

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