Virgin Money partners with SurePay to prevent fraud and misdirected 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.

According to UK Finance, there has been a 71% increase in authorised push payments (APP) fraud during the first half of 2021, with APP fraud overtaking card fraud losses for the first time.

SurePay already covers over 99.5% of the Dutch market, having performed nearly 5 billion checks, and leading to an 81% drop in fraud to Dutch IBAN’s and 67% less misdirected payments. In the UK, SurePay was selected to protect some of the country’s leading financial institutions’ customers, checking 35% of all bank transfers.

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 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 SurePay’s 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.
https://www.surepay.co.uk

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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