Review by leading analyst firm includes features SmartGuard
BPC Banking Technologies, the leading provider of Open System e-payment solutions for the global financial industry, reports that SmartGuard, its award winning fraud prevention solution, was reviewed in the CEB TowerGroup “Card Fraud Management Systems Technology” report.
CEB TowerGroup identified vendors based on expert opinion, product maturity, size of installations and technological innovation. The report evaluates the leading card fraud management systems. To compile the exhaustive market review, CEB TowerGroup conducted a series of interviews and surveys with financial services executives, industry experts, and vendors regarding card fraud management technology.
Card and payments fraud is one of the biggest issues for the payment industry worldwide and the rates are constantly rising from region to region. During the last year the demand from financial companies worldwide for fraud prevention solutions both standalone and as part of end to end e-payments suites has been growing. In 2012 BPC implemented SmartGuard in banks and financial organizations across the world. SmartGuard users have reported savings in excess of $1 million per month by using the solution.
As part of the review, “CEB TowerGroup analysts observed successful operations in developing countries that use the full range of products offered in the SmartVista suite”, and found “the core functionality to be strong.” Commenting on the report, Brian Riley, senior research director said “The threat posed by card-based fraud is constantly increasing, as are the consequences for card issuers. To counter the threat organisations must adopt a multi-layered approach.”
SmartGuard, as part of SmartVista suite, is designed, not only to counter the growing threat from fraud, but to stop the fraud before it affects customers. By matching transactions against a set of business-driven rules, suspicious transactions are rapidly detected and stopped. SmartGuard uses a sophisticated risk weighting approach to help determine the correct course of action – obviously fraudulent transactions are stopped, clean transactions are allowed through and suspicious transactions can be referred for further investigation. And because SmartGuard is channel-aware it monitors transactions across all channels and can apply different rules and risk weightings to different channels.
“We receive regular reports from our SmartGuard clients on how it helps them to reduce their fraud rates. They tell us that they have dramatically reduced fraud levels and that SmartGuard’s flexibility ensures that they can keep ahead of the fraudsters. We are honored to be selected for inclusion in this report, designed to help the worldwide financial industry fight fraud and protect customers,” said Vasily Grigoriev, CEO BPC Banking Technologies.