Triodos Bank UK selects SurePay's Confirmation of Payee solution to prevent fraud

SurePay, a Confirmation of Payee provider, has announced that Triodos Bank UK will implement its full-service Confirmation of Payee solution.

SurePay operates in the Netherlands and the UK, with the company also supporting the Dutch and UK governments with checking payments related to COVID-19 job retention schemes. According to UK Finance, banks and consumers lost GBP 479 million in 2020 to Authorised Push Payment (APP) fraud, as fraudsters took advantage of the COVID-19 induced rise in online payments.

Launched by Pay.UK in 2019, Confirmation of Payee enables consumers to avoid misdirected payments and protects them against certain types of APP fraud. It allows users to check that the name and account indicators they give for a new payee are the same as the account name held by the payee’s PSP. The service aims to reduce the number of payments made in error, prevent fraudulent transfers, and provide users with peace of mind when making a credit transfer online.

According to the official press release, SurePay’s Confirmation of Payee solutions have been developed in compliance with all relevant UK rules and regulations.