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Atom bank: Chooses SurePay to Prevent Fraud and Misdirected Online Payments | Fintech InShorts: Latest fintech news, analysis by experts

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Atom bank: Chooses SurePay to Prevent Fraud and Misdirected Online Payments

By Laura M

October 23, 2020

SurePay announced another successful implementation of its UK Confirmation of Payee solution for the UK’s first app-based bank, Atom bank
The Financial Technology company from the Netherlands is already responsible for checking over 95 per cent
According to research from UK Finance in the first-half of 2020 losses to customers of internet banking
SurePay developed a Confirmation of Payee solution to comply with all relevant UK rules and regulations
The algorithm detects and interprets subtle differences between payee details entered by the payer
SurePay realised a drop in fraud and scams of 81 per cent and 67 per cent drop in misdirected payments

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