UK-based Atom bank, SurePay partner for fraud prevention

Wednesday 21 October 2020 11:00 CET | News

SurePay has announced the successful implementation of its UK Confirmation of Payee solution for app-based bank Atom bank

The Netherlands-based fintech is already responsible for checking over 90% of all Dutch payments with the IBAN-Name Check and its Confirmation of Payee solution checks 25% of all online payments in the UK. SurePay developed a Confirmation of Payee solution to comply with all relevant UK rules and regulations.

According to research from UK Finance cited by Open Banking Expo, in the first-half of 2020 losses to customers of internet banking fraud jumped by 32% to GBP 64.3 million, with cases doubling from the same period in 2019 to just over 21,000. Impersonation scams have also been on the rise, with more fraudsters pretending to be trusted organisations, with 15,000 cases reported.

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Keywords: Atom Bank, SurePay, fraud prevention, UK, Confirmation of Payee, Netherlands, payments , IBAN, Name Check, online payments, UK Finance, Open Banking Expo, banking fraud, internet fraud, impersonation scams, fraudster
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech