SurePay has bolstered its backing for Virgin Money through the implementation of its UK Confirmation of Payee solution.
The expansion is focused on protecting consumers against fraud and misdirected online payments, as the global payments space becomes increasingly digitalised.
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.”
Furthermore, the SurePay algorithm is specifically designed for Confirmation of Payee from scratch and fully operates in line with the Pay. UK requirements and specifications.
This comes as the UK Finance reported that there has been a 71% spike in authorised push payments (APP) fraud during the first half of 2021, with APP fraud overtaking card fraud losses for the first time.
SurePay currently 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 financial institutions’ customers, checking 35% of all bank transfers.
Fergus Murphy, Chief Customer Experience Officer at Virgin Money, added on the deal: “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.”