BPC, the international payments solution provider, has been selected as partner by NanoPay in Mexico, and has launched its anti-fraud solution SmartVista in order to safeguard credit card transfers for its clients.
Daniel Hernández, Business Development Director and Country Manager Mexico at BPC, said:
“The SmartVista solution for real-time fraud management offers an analytics tool with a robust rules engine powered by machine learning that demystifies complex data to enable effective operation of a smart and secure payment ecosystem for both users and financial institutions.”
Fraud leads to financial loss, and it may impact a brand’s reputation, as well as being a driver of bank customer defection. A report called The Anatomy of the New Fraudster notes that losses resulting from this crime in cards surpassed $32B by 2021.
At present, its actions are moving towards the ‘card not present’ environment, targeting consumers and firms alike, and the cyberattacks are starting to focus more on newer payment technologies.
The application of BPC tech for fraud prevention enables NanoPay to shield its credit card service, with benefits like:
- Vigilant monitoring: The solution helps card issuers and acquirers combat the growing threat by monitoring 100% of transactions, online, in real time and across all channels. Its powerful and flexible rules engine guarantees that it can be quickly implemented by the monitoring policies of each entity and country.
- Fraud detection: Instead of sampling transactions in the hope of detecting fraud after it happens, BPC has a SmartGuard tool that monitors 100% of transactions in real time to stop fraud before it happens. If it detects a suspicious transaction, it automatically helps contact the customer through a range of channels, including email and SMS.
- Customer satisfaction: By proactively contacting users instead of blocking their cards, BPC technology can turn a sensitive situation for them into a positive experience and reinforce the reasons why they have placed their trust in the brand.
Payment service providers have to address fraud risk, analyze each transfer in real time, and keep track of fraudulent activities across channels. While each has its key characteristics and fraud risks, there is a sizable advantage in handling the detection and prevention of fraud in all services.
NanoPay is a credit card that’s part of the products provided by Oplay Digital Services in Mexico. The firm began operations in the nation back in 2019 and now manages a large portfolio of high-end customers.
Its goal is to streamline access to credit and to offer financial opportunity to consumers who might not have an established credit history or who have had issues with their financial history.
As mentioned in the update, the majority of NanoPay’s customers are younger people and digital natives.
José Luis Mateos, Co-founder and COO of NanoPay, stated:
“Cyber fraud is one of the most pressing global threats, if we would consider the damage this fraud does to be the size of a country, it would measure as the third largest economy considering damages estimate over USD$ 6 billion annually. With thanks to our new strategic partner BPC, we now have a first-class solution in-house to protect NanoPay cardholders from cyber threats in real time, a solution that can identify patterns and allows us to be flexible and adapt to this virtual environment that has so drastically changed over the last two years”
Luis Huachin, Operations Director, NanoPay, remarked:
“This level of fraud protection creates the ability for us to offer many new products for more customers, with the peace of mind that we can monitor transactions efficiently and in-real time – wherever our customers are based. This also helps us to expand beyond Mexico, and to give us opportunities to grant the issuing of credit cards in other countries in the region such as Colombia.”