Fraud not only causes financial loss, it can significantly affect brand reputation and drives customer attrition.
According to a Nilson report, by 2020 global card fraud losses will exceed $35 billion despite the introduction of EMV. Fraud is shifting to the ‘card not present’ environment, targeting individuals and businesses alike, and fraud attempts and cyber-attacks start to focus on new payments technologies.
Payment service providers need to mitigate fraud risk, analyse each transaction in real-time and monitor fraud across all their channels. Even though each channel has its characteristics and specific fraud risks, there is a lot of benefit in managing fraud detection and prevention across all channels.
BPC’s advanced fraud prevention solution helps card issuers and acquirers combat the growing threat by monitoring 100% of transactions, online, in real-time across all channels. The powerful and flexible rules engine ensures that you can rapidly implement monitoring policies.
Rather than sampling transactions, hoping to catch fraud after it happens, SmartGuard monitors 100% of transactions in real-time so you can stop fraud before it takes place. If a suspicious transaction is detected SmartGuard helps you automatically contact your customer through a range of channels, including email and SMS.
By proactively contacting customers rather than blocking their cards, you can turn a potentially embarrassing situation for them into a positive experience – reinforcing the reasons why they placed their trust in your brand. SmartGuard users have reported saving $1 million per month with the solution.
With Switch from BPC, issuers, acquirers and processors can manage the fast-moving payments landscape and deliver the best levels of service to their customers.
BPC ‘s SmartVista payment hub centralizes the processing of all payments at a bank, whether they be Card, Real-time, ACH or any other form of payment.
The SmartVista API Banking solution is based on the SmartVista Integration Platform and provides banks with a solid foundation for PSD2 compliance.
SmartVista’s eCommerce engine provides a secure, state-of-the-art gateway for internet payment processing.