UK bank TSB has partnered with Vocalink, a Mastercard company, to deliver confirmation of payee for its customers.
The new Verify Account Name service will prevent the bank’s customers from sending money to the wrong bank account or falling victim to payment fraud.
Suresh Viswanathan, COO at TSB, said, “We’re leveraging our modern platform to deliver the best solutions for our customers. With over 230,000 payments made every day, we are providing the latest cutting-edge technology to help prevent TSB customers from sending money to the wrong account and to safeguard them from fraudsters.”
Gregor Dobbie, CEO at Vocalink, added, “By adopting our Verify Account Name solution, TSB is creating hurdles for fraudsters and, in doing so, leading the way in the fight against fraud and protecting its customers. TSB’s customers can now be confident that there is an additional layer of proven security in place to protect them from losing money to fraudsters, or accidentally sending money that they then can’t get back.”
The news comes as UK Finance, the industry body, revealed that the number of attempted frauds rose by 14% in the first half of 2019 compared to the same period in 2018. UK Finance’s data has shown that there were 84,624 cases of APP fraud in the UK in 2018 with £354.3m lost to victims as a result.
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