NanoPay Mexico implements BPC’s SmartVista to mitigate fraud on credit card transactions

By Edlyn Cardoza

BPC, the global payments solution provider, has been chosen as a strategic partner by NanoPay in Mexico. NanoPay has implemented BPC’s 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 but can also significantly affect brand reputation, as well as being a strategic driver of bank customer defection. According to The Anatomy of the New Fraudster report, 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 into a positive experience and reinforce why they have placed their trust in the brand.

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. 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.”

Payment service providers need to mitigate fraud risk, analyse 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.

“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.