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Rabobank and SurePay collaborate for enhanced fraud prevention

By Gloria Methri

October 23, 2023

  • Banking fraud
  • FinTech
  • Fraud Detection

Rabobank, Surepay, Fraud Prevention, FinTech, NetherlandsRabobank has extended its collaboration with SurePay to improve fraud prevention. The cooperation is aimed at increasing data coverage so that IBANs from more EU countries can be checked, and to introduce the Fraud Risk Indicator.

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 Fraud Risk Indicator is an additional check on top of SurePay’s IBAN-Name Check. This extension has a limited impact on Rabobank, as it builds on the existing API integration.

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,” said Marcel Rienties, Co-founder, and CPO at SurePay.

With this expanded 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.

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