SurePay, the Confirmation of Payee provider, announced that it has supported Virgin Money with the implementation of its UK Confirmation of Payee solution in order to protect consumers against fraudulent activities and misdirected payments.
Confirmation of Payee is a way of giving users more assurance that their transfers are being routed to the intended recipient and are not being accidentally or intentionally misdirected.
The SurePay algorithm is designed for Confirmation of Payee from scratch and operates in line with the Pay.UK guidelines and specifications.
According to UK Finance, there has been a 71% surge un authorized push payments (APP) fraud during H1 2021, with APP fraud surpassing card fraud losses for the first time.
SurePay claims it covers more than 99.5% of the Dutch market, having carried out almost 5 billion checks, and resulting in around an 81% decline in fraud to Dutch IBAN’s and 67% less misdirected payments.
In the United Kingdom, SurePay was chosen to protect some of the nation’s most established financial institutions’ clients, checking 35% of all bank transactions.
Since July 2021, Confirmation of Payee functionality has been extended with an updated capability and enhanced processes.
This second phase will aim to ensure that the value of Confirmation of Payee is introduced a lot more widely to new participants with the goal of increasing the number of clients that are able to benefit from the additional layer of security.
David-Jan Janse, CEO of SurePay, stated:
“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, remarked:
“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.”