Middle East/North Africa-focused card issuer NymCard has teamed with ACI Worldwide to combat fraud.
The partnership, announced late Wednesday (Oct. 18) sees NymCard enhancing its fraud platform with ACI Fraud Management to protect its customers from financial fraud by deploying the tool via ACI’s public cloud environment across several markets in the region.
“The deployment of the solution on the cloud offers several key advantages: It allowed us to go live in record time, can be scaled up or down depending on transaction volumes, and above all, it is secure,” NymCard founder and CEO Omar Onsi said in a news release.
“Given the state of the global economy and the speed at which fraud attacks are increasing, these crucial features are helping us maximize our fraud monitoring and prevention efforts and offer our customers the best service and experience possible.”
The release notes that Nymcard is also using ACI’s anti-money laundering module to set up strong risk management strategies across domestic and cross-border payments. Nymcard says this lets the company report and manage suspected financial crime in keeping with regulations and global sanctions.
The partnership comes at a time when fraud is surging at alarming pace, with younger and/or financially strained consumers being disproportionately targeted by criminals.
This is one of the major findings in this month’s Embedded Finance Tracker®, titled “Fast Finance and the Fight Against Fraud,” which examines the new financial sector attack vectors and the tactics being used to defend against threats and improve consumer trust.
According to insights detailed in the report — a PYMNTS Intelligence/Galileo collaboration — a substantial 47% of retail banking consumers under 40 have been a victim of some form of banking fraud. Among consumers who are financially overextended — having more debt than they can repay — about half have fallen victim to fraud.
A separate PYMNTS/AWS study found that 34% of Big Tech and FinTech firms have lost customers because of fraud or financial crimes.
“Firms face many obstacles when combating fraud, including fraud’s increasing rates and sophistication,” PYMNTS wrote. “Thirty-three percent of FinTech and Big Tech firms cited the increasing sophistication of fraud schemes as obstacles, and 32% cited the rising number of fraud and financial crimes.”
In addition, more than a quarter of FinTech and Big Tech firms say their current solutions cannot identify fraudulent transactions.