Inspiration
Our team is highly interested in the fintech space and were inspired by the vulnerabilities present in fintech systems—observing how individuals exploit underlying flaws for fraudulent gains. Our team saw firsthand how the gaps in cross-platform data sharing enable repeat offenders to game the system, and we knew there had to be a better way to connect risk data across companies.
What it does
Nexus is a central authentication system that unifies multiple fintech companies—and beyond—to enhance security at every step of the customer journey. It not only adds an extra layer of protection during customer onboarding but also throughout the entire workflow, including payment processing, account management, and transaction approval. Additionally, Nexus periodically reevaluates risk throughout the customer lifecycle to catch potential fraud that may not have been evident at onboarding. When a user violates the terms of service at Company 1, their details are flagged and stored in our database. If the same user attempts to register at Company 2, the system alerts the new company, enabling them to limit access or ban the account entirely.
How we built it
We developed a prototype in 22 hours by creating two webpages that represent separate fintech companies, connected to a central backend. This backend stores user data and risk flags, enabling real-time cross-referencing during the onboarding process. Our approach demonstrates how even a simple integration can significantly enhance fraud detection.
We also built a dashboard for the company side that empowers fintech platforms to manage their fraud prevention strategies. The dashboard allows companies to set their own risk score thresholds (breach score range) for various limitations—such as account restrictions or bans—tailoring the system to their unique risk tolerance. It displays all users with specific risk scores, including details on the type of fraud they have committed, any unresolved breaches, and key data such as IP addresses. Additionally, users can view their own risk score and IP address, providing full transparency and actionable insights for swift decision-making.
Challenges we ran into
Working within the tight 30-hour timeframe was our biggest challenge, forcing us to rapidly develop and integrate multiple systems. Ensuring seamless consistency between the frontends and the central backend, while handling real-time alerts, required intensive collaboration and creative problem-solving. Git issues at 4am and sleep deprivation :)
Accomplishments that we're proud of
We successfully built a functional prototype that showcases the power of cross-platform fraud detection in a short time interval. Our solution effectively demonstrates how integrating risk data across fintech platforms can close security gaps and prevent repeat fraudulent activities.
What we learned
We learned the importance of teamwork under extreme pressure. This project taught us how critical real-time data sharing and system integration are for effective fraud prevention, and it provided invaluable insights into the vulnerabilities that fraudsters exploit.
What's next for Nexus
Our next steps include refining the prototype to enhance scalability and security, exploring additional data sources for richer risk profiling, and establishing partnerships with fintech companies for pilot testing. We aim to evolve Nexus into a comprehensive solution that sets a new standard in cross-platform fraud prevention.
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