SurePay, the leading Confirmation of Payee provider, announced 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.
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.”