ACI Worldwide, an international provider of enterprise e-payment solutions, Tuesday announced that State Bank of Mauritius (SBM), the largest company in Mauritius by market capitalization, has licensed ACI Proactive Risk Manager to combat card fraud across its issuing and acquiring business.
According to ACI, SBM is deploying the solution as an extension to its present ACI Base24R 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 percent, and to initiate an up-turn in banking confidence."
ACI says that its Proactive Risk Manager solution will ensure a fast, accurate and flexible response to the evolving nature of card fraud in Mauritius, through defined rules and near real-time detection.
ACI adds that its fraud detection solution is compliant with Visa and Mastercard requirements for fraud monitoring, providing cardholders with increased assurance in the event of fraudulent activity. The company says SBM anticipates greater staff efficiency in detection and handling of fraudulent cases due to the advanced workflow tool within the system. This, it claims, will increase operational efficiency and reduce the costs associated with fraudulent activity.
Daryl Berg, sales manager at ACI in South Africa, comments: "Proactive Risk Manager'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. We believe that SBM will continue to lead by example in Mauritius, and we trust that ACI will remain a key part of its vision and success."