NanoPay Mexico chooses BPC’s SmartVista anti-fraud technology to mitigate fraud on credit card transactions
BPC, the award-winning global payments solution provider, has been chosen as strategic partner by NanoPay in Mexico, and has implemented its anti-fraud solution SmartVista to safeguard credit card transactions for its customers.
According to Daniel Hernández, Business Development Director and Country Manager Mexico at BPC: “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 not only causes financial loss, it can also significantly affect brand reputation, as well as being a strategic driver of bank customer defection. According to the report The Anatomy of the New Fraudster, losses due to this crime in cards exceeded USD 32,000 million by 2021. Currently, its actions are moving towards the ‘card not present’ environment, targeting people and companies alike, and the cyberattacks are beginning to focus on new payment technologies.
The application of BPC technology for fraud prevention allows NanoPay to shield its credit card service, with benefits such as:
- 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 need to mitigate fraud risk, analyze every transaction in real time, and monitor fraud across all channels. Although each has its specific characteristics and fraud risks, there is a great advantage in managing the detection and prevention of fraud in all services.
NanoPay is a credit card that is part of the products offered by Oplay Digital Services in Mexico. The company commenced operations in the country in 2019 and currently manages a large portfolio of high-end clients. Its aim is to democratize access to credit and to give financial opportunity to people who do not have a credit history or who have previously had problems with their financial history. The majority of NanoPay’s clients are young people and digital natives.
José Luis Mateos, Co-founder and COO of NanoPay, said: 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”
“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,” added Luis Huachin, Operations Director, NanoPay