Rabobank and SurePay strengthen collaboration to improve fraud prevention
Rabobank has announced the further intensification of its collaboration with SurePay to improve fraud prevention. On the one hand, the cooperation is aimed at increasing data coverage so that IBANs from more EU countries can be checked, and on the other hand, the Fraud Risk Indicator will be introduced.
Fraud Risk Indicator provides banks with additional risk indicators, facilitating the detection of fraudulent activity by criminals. Moreover, the system helps reduce the number of false fraud reports, or ‘false positives’.
The choice for closer cooperation makes sense, given that every payment is already checked against SurePay’s IBAN-Name Check system. The Fraud Risk Indicator is an additional check on top of each IBAN-Name Check. From a technical point of view, this extension has a limited impact for Rabobank, as it builds on the existing API integration.
This move puts Rabobank at the forefront of European banks. While IBAN-Name Check is still in its early stages in many European countries, this is already the third extension Rabobank is implementing on top of the IBAN-Name Check system.
Tertia Wiedenhof, Product Manager External Fraud Detection at Rabobank stressed the importance of effective fraud prevention and why cooperation with SurePay is essential. “Fraud is an increasing risk within the financial sector. By working closely with SurePay and leveraging their advanced systems, we can tackle banking fraud more effectively and provide our customers with a safer banking experience. We have now been live with Fraud Risk Indicator for two months and we are positively surprised with the results so far. The number of false positives has decreased significantly; as a result, our fraud analysts are working on real fraud cases much more often, which allows us to protect our customers even better on the ground.”
“With Fraud Risk Indicator, we give banks a tool to better and more efficiently monitor and prevent fraud, by adding additional data points to our existing API” – Marcel Rienties, Co-founder and CPO at SurePay.
With this intensified cooperation and the implementation of the Fraud Risk Indicator, Rabobank is taking an important step in preventing and combating banking fraud and continuing to offer customers a high level of security and reliability.