Rabobank Enhances Fraud Prevention with SurePay's Fraud Risk Indicator

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Rabobank has revealed a new phase in its partnership with SurePay, aimed at boosting fraud prevention. The collaboration’s primary goals are to enhance data coverage for checking IBANs from more EU countries and to roll out the Fraud Risk Indicator.

Aiming at Fraud Prevention

The Fraud Risk Indicator is designed to provide banks with extra risk indicators, assisting in detecting fraudulent actions by criminals. Besides, the system is beneficial in minimizing the number of false fraud reports, also known as ‘false positives’. The deeper collaboration is a logical move, considering every payment is already verified against SurePay’s IBAN-Name Check system. The Fraud Risk Indicator serves as an extra layer of check above each IBAN-Name Check.

Minimal Technical Impact

From a technological standpoint, this development has minimal repercussions for Rabobank as it capitalizes on the existing API integration. This step puts Rabobank ahead among European banks. While the IBAN-Name Check system is still nascent in several European nations, this is Rabobank’s third extension.

The Importance of Effective Fraud Prevention

Tertia Wiedenhof, Product Manager External Fraud Detection at Rabobank, underscored the need for efficient fraud prevention, explaining why the partnership with SurePay is crucial. She mentioned that fraud is an escalating risk within the financial sector. By leveraging SurePay’s advanced systems, Rabobank can combat banking fraud more proficiently and ensure a safer banking experience for customers.

Positive Results

Rabobank has been live with the Fraud Risk Indicator for two months and has reported positive outcomes. The number of false positives has significantly dropped, enabling fraud analysts to concentrate more on actual fraud cases. This increased focus helps further safeguard Rabobank’s customers.

A Tool for Better Monitoring

Marcel Rienties, Co-founder and CPO at SurePay, stated that the Fraud Risk Indicator gives banks a tool to more efficiently monitor and prevent fraud. It adds extra data points to the existing API.

With the enhanced collaboration and the introduction of the Fraud Risk Indicator, Rabobank is making significant strides in preventing and fighting banking fraud while continuing to deliver high levels of security and reliability to its customers.