NanoPay Mexico Implements BPC’s SmartVista to Mitigate Credit Card Transaction Fraud

By Edlyn Cardoza

BPC, the global group payment solution provider, was chosen as a strategic partner by NanoPay in Mexico. NanoPay has implemented BPC’s SmartVista anti-fraud solution to secure its customers’ credit card transactions.

According Daniel Hernández, Director of Business Development and Country Director 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 the efficient operation of a smart payment ecosystem and secure for users and financial institutions.”

Fraud not only results in financial loss, but can also significantly affect brand reputation, as well as being a strategic driver of bank customer defection. According The Anatomy of the New Fraudster report, losses from this card crime exceeded $32 trillion by 2021. Currently, its actions are shifting to the “card not present” environment, targeting both individuals and businesses, and cyberattacks are beginning to focus on new payment technologies.

Applying BPC technology for fraud prevention enables NanoPay to protect 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 online transactions, in real time and across all channels. Its powerful and flexible rules engine guarantees its rapid implementation by the surveillance policies of each entity and country.
• Fraud detection: Instead of sampling transactions in hopes of catching 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.
• Client 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 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. While each has its specific characteristics and fraud risks, there is great benefit in managing fraud detection and prevention across all departments.

José Luis Mateos, co-founder and COO of NanoPay, said: “Cyber ​​fraud is one of the most pressing global threats, if we consider the damage caused by this fraud to be the size of a country, it would be the third largest economy considering the damage estimated at more than $6 billion a year. Thanks to our new strategic partner BPC, we now have in-house a best-in-class solution to protect NanoPay cardholders in real time against cyber threats, a solution capable of identifying patterns and allowing us to be flexible and to adapt to this virtual environment that has changed so drastically over the past two years.

“This level of fraud protection allows us to offer many new products to more customers, with the peace of mind that we can monitor transactions effectively and in real time, wherever our customers are based. This helps us also to expand beyond Mexico and gives us the ability to grant credit card issuance in other countries in the region such as Colombia,” added Luis Huachin, COO, NanoPay.