Digital identity verification service provider, OneID has teamed up with SurePay. The strategic alliance aims to fortify businesses with an enhanced layer of protection. Specifically, it bolsters their ability to combat the escalating threat of online fraud.
UK Finance reported over 116,000 incidents of Authorised Push Payment Fraud in the first half of 2023. This is a 22% increase compared to a similar period in 2022. The amount lost was £239.3m. The need to protect businesses and individuals from malicious actors has never been felt more.
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SurePay’s comprehensive range of services includes Confirmation of Payee, Confirmation of Payer, EU Verification of Payee, IBAN-Name Check for Organisations, IBAN-Name Check for Banks and Switch Check. SurePay PayID, introduces a heightened level of certainty for individuals and businesses in verifying payee details. Combining these offerings with OneID’s digital identity services that enable Digital ID checks, fraud checks and confirmation of bank account ownership, provides the most comprehensive defence for any business against payment fraud.
SurePay: over 100 banks and 300 corporate clients
Keith Mabbitt, Chief Customer Officer, OneID, said: “SurePay has an impressive clientele of over 100 banks and 300 corporates spanning diverse sectors such as automotive, technology, and food and beverage. The combination of OneID’s bank-verified digital ID – accessible to ~50 million UK adults – will deliver added protection when onboarding their customers. In effect, this partnership will enable enterprises using payment services to quickly and easily verify the identity and bank account details of virtually every UK adult.”
David-Jan Janse, Chief Executive Officer, SurePay added: “In our experience, Digital Identity and Confirmation of Payee are a valuable combination. For both efficient onboarding, as well as preventing fraud and money laundering. We are therefore very much looking forward to working with OneID, the leading innovator in digital ID.”
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