On one hand, the cooperation is looking to increase data coverage so that IBANs from more EU countries can be checked, and on the other hand, it is looking to introduce the Fraud Risk Indicator.
Based on the press release information, the Fraud Risk Indicator provides banks with additional risk indicators, helping facilitate the detection of fraudulent activity by criminals. What is more, the system helps reduce the number of false fraud reports, or ‘false positives’. The decision for closer collaboration is believed to be a logical step, considering that each payment is already checked against SurePay’s IBAN-Name Check system.
The Fraud Risk Indicator comes as an additional check on top of every IBAN-Name Check, and from a technical point of view, the extension has a limited impact on Rabobank, as it builds on the existing API integration. What is more, the move is believed to place Rabobank at the forefront of European banks. Per the announcement, whereas IBAN-Name Check is currently in its early stages in a multitude of European countries, this comes as the third extension implemented by Rabobank on top of the IBAN-Name Check system.
When commenting on the news, Rabobank officials stressed the importance of effective fraud prevention and why cooperation with SurePay is needed, saying that fraud is an increasing risk within the financial sector. By closely collaborating with SurePay and making use of their advanced systems, the company is enabled to tackle banking fraud in an increasingly effective manner and provide its customers with a safer banking experience.
Having been live with Fraud Risk Indicator for two months, Rabobank has seen a significant decrease in false positives, enabling fraud analysts to work on real fraud cases more often, and thus allowing the company to better protect its customers on the ground.
More to this point, SurePay company representatives advised that with the Fraud Risk Indicator, they are providing banks with a tool to enable better and more efficient monitoring and prevention of fraud, through the addition of additional data points to SurePay’s existing API.
The press release further highlights that with this intensified cooperation and implementation of the Fraud Risk Indicator, Rabobank is taking an important step towards preventing and combating banking fraud, while concomitantly continuing to provide its customers with an increased level of security and reliability alike.
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