Virgin Money partners with SurePay to prevent fraud and misdirected payments

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.”