UK-based TSB Bank has partnered with Mastercard’s account-based payment systems company Vocalink to facilitate payee confirmation and prevent payment fraud for its customers.
Called Verify Account Name, the new service can be used to avoid sending money to the wrong bank account and protect customers from Authorised Push Payment (APP) fraud.
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Existing payment process does not involve verification of account name when sending an electronic payment, allowing fraudsters to receive the amount in a wrong account.
UK Finance data statistics reveal 84,624 APP fraud cases in the UK last year, resulting in a total of £354.3m loss to victims.
The new solution by TSB will use Vocalink’s data science capabilities at the bank’s network level to precisely match the account holder’s name to the sort code and account number.
This technology is based on the Vocalink anti-money laundering solution, which is designed to monitor suspicious payments via their movement between the bank and building society accounts.
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By GlobalDataTSB chief operating officer Suresh Viswanathan said: “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.”
Vocalink CEO Gregor Dobbie said: “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.”
This April, TSB Bank introduced Fraud Refund Guarantee to protect its customers from fraud.
