international provider of enterprise e-payment solutions, today announced
that State Bank of Mauritius Limited (SBM), the largest company in Mauritius
by market capitalisation*, has licensed ACI Proactive Risk Manager to combat
card fraud across its issuing and acquiring business. SBM is deploying the
solution as an extension to its present ACI BASE24Â® system to reduce the
bank's exposure to risk and improve operational efficiency.
"Card volumes and usage in Mauritius have grown enormously over the last few
years; a trend mainly due to the success of debit cards as a convenient
payment mechanism. But with the growth in card volumes comes an unwanted
increase in card fraud," says Sailesh Sewpaul, executive leader, SBM Online.
"We want to be at the forefront of reducing the number of cards being
compromised. With ACI's proven fraud detection solution, we anticipate both
issuer and acquirer fraud to reduce by a minimum of 20 per cent and initiate
an up-turn in banking confidence."
Through expertly defined rules and near real-time detection, ACI Proactive
Risk Manager ensures a fast, accurate and flexible response to the evolving
nature of card fraud in Mauritius. ACI's fraud detection solution is
compliant with Visa and Mastercard requirements for fraud monitoring,
providing cardholders with increased assurance in the event of fraudulent
activity. SBM anticipates greater staff efficiency in detection and
handling of fraudulent cases due to the advanced workflow tool within the
system. This will increase operational efficiency and reduce the costs
associated with fraudulent activity.
Daryl Berg, Sales Manager, ACI Worldwide (South Africa) comments, "PRM's
automated fraud detection and prevention processes will positively impact
SBM's fraud losses and reduce the bank's exposure to risk, resulting in a
better service for its customers. It is significant that two leading
organisations in their respective fields are working together to address an
important issue facing Mauritius and the financial industry at large. We
believe that SBM will continue to lead by example in Mauritius and we trust
that ACI will remain a key part of their vision and success."
In November 2003, SBM became the first bank in Mauritius to offer prepaid
mobile top-up services at ATMs supported by ACI's BASE24Â® software. The
service allows top-up users to request a pay-as-you-go top-up from any SBM
ATM. Customers of other banks can also access this service at SBM ATMs.
ACI software validates that the account holder has sufficient funds and
authorises the transaction.
For more information contact:
+44 (0)20 7959 5400
ACI Worldwide Ltd.
+44 (0)1923 812741