TSB and Vocalink join forces to protect people against falling victim to payment fraud
26 september 2019
London, UK: 26 September 2019 - TSB today announced it will become one of the first banks to deliver Confirmation of Payee for its customers, partnering with Vocalink, a Mastercard company. The new ‘Verify Account Name’ service will help prevent TSB customers sending money to the wrong bank account or falling victim to payment fraud.
Currently, when making payments, the account name is not checked when sending an electronic payment - and fraudsters have become increasingly sophisticated in using this to trick people into sending money to the wrong account.
The service will protect TSB’s customers who are targeted by Authorised Push Payment (APP) fraud. According to UK Finance data, there were 84,624 cases of APP fraud in the UK in 2018 with £354.3m lost to victims as a result.
Applying Vocalink’s data science capabilities, which are trained on over 20 billion transactions amounting to trillions of pounds in value,to our network level view, the solution will match the name of theaccount holder to the sort code and account number with a higher degree of accuracy than a simple direct name match.
The pioneering technology builds on the success of Vocalink’s anti-money laundering solution which enables suspicious payments to be tracked as they move between bank and building society accounts.
Suresh Viswanathan, TSB’s Chief Operating Officer, said: “We’re leveraging our modern platform to deliver the best solutions for our customers. 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.”
Gregor Dobbie, CEO at Vocalink, a Mastercard company, 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.
“Our serviceis highly accurate anddelivers benefits to financial institutions beyond customer protection, as we know that identification and prevention are more cost effective than dealing with errors or fraud once they’ve occurred. It also builds on the success of our anti-money laundering solution, live in the UK, which enables suspicious payments to be tracked as they move between bank and building society accounts regardless of whether the payment amount is split between multiple accounts, or those accounts belong to the same or different financial institutions. Trace Financial Crime accurately pinpoints individual accounts involved in suspected illegal activities, providing new intelligence to financial institutions’ fraud teams. By working together, leveraging expertise from across the Mastercard business and adopting the latest crime-fighting solutions, we will not only identify and prevent instances of fraud, but also show fraudsters that the industry is ahead of the game.”
In April, TSB announced a UK banking first, a Fraud Refund Guarantee, to ensure the Bank’s 5.2 million customers are protected if they are an innocent victim of fraud – whether it’s unauthorised transactions on their accounts or customers tricked into authorising payments to fraudsters.
Notes to Editors
Senior Media Relations Manager, TSB
Director, External Communications
A Mastercard company, Vocalink designs, builds and operates industry-leading bank account-based payment systems. Our technologies power the UK’s real-time payments, settlements and direct debit systems, as well as the UK’s network of nearly 60,000 ATMs. In 2018, we processed over 90 percent of salaries, more than 70 percent of household bills and almost all state benefits in the UK. In addition, our proven real-time bank account-based payment solutions provide more payment choice to customers in Peru, Singapore, Thailand and the United States.
For payments news and insights from Vocalink, visit www.vocalink.com/news-insights
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.
TSB is a full service challenger bank, with over 200 years of heritage, a trusted brand and a mission to make banking better for all UK consumers. TSB serves over five million customers with a comprehensive range of products across many channels with branches right across Britain. TSB was the first bank in the UK to launch a Fraud Refund Guarantee that protects customers if they are an innocent victim of fraud on their TSB account. For further information about TSB Bank plc, please visit our website www.tsb.co.uk.