Virgin Money teams up with SurePay on CoP solution

Payments information company SurePay has partnered with Virgin Money to help the company implement its UK Confirmation of Payee (CoP) solution to protect consumers against fraud and misdirected payments, the companies announced. businesses Monday, June 13.

According to a press release, the solution lets consumers know that their payments are going to the intended recipient and are not being misappropriated by mistake or deliberately. SurePay says its algorithm is designed for CoP and operates within UK payment guidelines.

“We are committed to protecting our customers from fraud and beneficiary confirmation is an invaluable tool in achieving this,” said Fergus Murphy, Virgin Money’s director of customer experience. “SurePay has extensive experience in providing payment confirmation solutions, both in the UK and in other countries, which is why we have chosen to work with them to implement this important protection for our customers. “

Read more: UK payments regulator expands fraud plan to allow push payments

Established in 2020 by the UK’s Payments Systems Regulators (PSRs) and six of the country’s largest banking groups, CoP prevents fraud and accidentally misdirected payments by checking the name on the payee’s account against the name and supplier account details by the payer.

Earlier this year, PSR released a new rule that opened the door for more banks and building societies to adopt CoP, and says it plans to increase the number of companies offering CoP by 33 to 400 by 2024.

The statement cited figures from UK Finance which indicated there was a 71% increase in authorized push payment (APP) fraud in the first half of last year, with losses from APP fraud cases exceeding for the first time card fraud losses.

SurePay claims to cover over 99.5% of the Dutch market, having issued almost 5 billion cheques, and resulting in an 81% reduction in Dutch IBAN fraud and 67% fewer misdirected payments. In the UK, SurePay was chosen to protect some of the country’s top financial institution customers, reviewing 35% of bank transfers.

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