Preventing fraud and misdirected payments
Issue 344 | 18 June 2022
Recently Pay.UK announced that the UK’s Confirmation of Payee (CoP) service had processed more than a billion messages. CoP provides an important tool in the ongoing fight against fraud to millions of personal and business bank account customers across the UK.
The Payment Systems Regulator (PSR) published a consultation that sets out how the regulator will achieve widespread coverage of the UK’s name-checking service, Confirmation of Payee (CoP). In association with SurePay, we have published a quick summary of the PSRs consultation: Achieving widespread coverage of Confirmation of Payee - a PSR consultation.
Virgin Money partners with SurePay to prevent fraud and misdirected payments
Further evidence of the scope of CoP coverage extending in the UK comes with this week’s announcement that SurePay, the leading Confirmation of Payee provider, announces that it has supported Virgin Money with the implementation of its UK Confirmation of Payee solution to protect consumers against fraud and misdirected online payments.
Confirmation of Payee is a way of giving consumers greater assurance that their payments are being routed to the intended recipient and are not being accidentally or deliberately misdirected. The SurePay algorithm is specifically designed for Confirmation of Payee from scratch and fully operates in line with the Pay.UK requirements and specifications.
The authorised push payments fraud losses documented by UK Finance are up five per cent in 2020, with the number of cases increasing by 22% to almost 150,000.
The Dutch fintech is already responsible for checking over 90% of all online payments in the Netherlands and more than 25% of all online payments in the UK after entering the British market last year. On a daily basis, the company warns over 17,000 times about fraud and errors in the UK alone.
Since July 2021, Confirmation of Payee functionality has been extended with a revised capability and simplified processes. This second phase ensures the value of Confirmation of Payee is introduced more widely to new participants with the aim of increasing the number of customers that can benefit from the extra layer of security.
David-Jan Janse, CEO and CO-Founder of SurePay, said: “SurePay’s aim is to make online payments safer and easier to use for the benefit of our clients and their customers. Ensuring best in class fraud prevention for consumers has never been more important – as online spending continues to grow, so does fraudulent activity. We are incredibly proud to be working with Virgin Money. Together we bring a best in class solution helping to keep their consumers safe.”
Fergus Murphy, Chief Customer Experience Officer at Virgin Money, said: “We are committed to protecting our customers from fraud and Confirmation of Payee is a valuable tool in achieving that. SurePay have extensive experience in providing Confirmation of Payee solutions, both in the UK and other countries, which is why we chose to work with them to implement this important protection for our customers.”
About SurePay - be sure who you pay
SurePay makes payments personal, easier and even more secure. Leveraging SurePays’ unique technology, a variety of solutions are offered to financial institutions, organisations and businesses across Europe. Solutions include Confirmation of Payee in the UK and IBAN-Name Check in the Netherlands. SurePay continues to develop innovative solutions, releases new services regularly and is well underway to become the leading European platform for account verification services in online banking.
About Virgin Money
Virgin Money is a full-service digital bank, serving 6.5m customers across the UK. It offers market-leading products and services to meet the full range of customers’ retail and business banking needs. Virgin Money aims to provide a consistently world-class experience for customers through its leading technology platform, telephone banking and a national network of innovative stores and business banking centres. By making banking better, Virgin Money seeks to deliver on its purpose of ‘Making you happier about money'.
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