Nymcard Strengthens Fraud Protection with ACI Worldwide

  Nymcard

Nymcard, a leading card issuer in the Middle East and Africa (MENA), has enhanced its fraud management platform. The company has integrated ACI Fraud Management, developed by global real-time payment solution provider ACI Worldwide, to bolster its defenses against financial fraud.

Enhanced Fraud Management Capabilities

ACI Fraud Management offers real-time enterprise fraud management capabilities including advanced machine learning, predictive analytics, and expertly defined rules. These features enable Nymcard to swiftly identify and mitigate financial fraud within a single comprehensive solution. The tool also includes a model generator function that allows Nymcard to create and maintain predictive machine learning models within minutes.

As one of the fastest-growing payments and banking-as-a-service providers in MENA, Nymcard offers modern and highly customizable solutions to banks, non-banking financial institutions, and fintechs. Clients can launch their card programs in just a few weeks, thanks to Nymcard’s robust, nimble, and secure infrastructure backed by round-the-clock support.

Response to Growing Threat of Financial Fraud

The decision to collaborate with ACI comes as part of Nymcard’s commitment to providing market-leading services and strengthening its fraud defenses. The rapidly evolving fraud landscape has increased pressure on financial institutions to adapt quickly, boost operational efficiencies, and mitigate rising risks. Nymcard has deployed ACI Fraud Management via ACI’s public cloud environment across several markets in MENA.

Anti-Money Laundering Measures

In addition to fraud management, Nymcard is also utilizing ACI’s anti-money laundering module. This tool allows for robust risk management strategies across domestic and cross-border payments, enabling Nymcard to report and manage suspected financial crime in compliance with regulations and global sanctions.

Omar Onsi, founder and CEO of Nymcard, stated that the deployment of the solution on the cloud offers key advantages, including quick implementation, scalability, and security. These features are crucial in maximizing fraud monitoring and prevention efforts and providing the best service and experience to customers.

Cleber Martins, head of payments intelligence at ACI Worldwide, emphasized that new emerging fraud threats are putting increasing pressure on banks and financial institutions. He highlighted that ACI’s award-winning enterprise fraud management and analytics solution enables all payment service providers to mitigate risks and combat fraud efficiently.