Revolut launches anti-fraud feature

Revolut has launched Confirmation of Payee as part of Pay UK’s anti-fraud initiative.

The feature, which will be available for its three million UK retail customers, will give users more confidence that their payments are reaching the correct recipient.

Confirmation of Payee automatically checks that the recipient name and account details match the information held by the recipient’s bank or payment service provider, alerting the payer if there is a discrepancy.

The new feature is designed to protect customers against Authorised Push Payment (APP) fraud and helps avoid simple mistakes by alerting the payer if they have accidentally mistyped account details when setting up a payment.

It has been enabled by Revolut’s payments partner Modulr.

Modulr is one of the few non-banks to have direct access to the Bank of England payments infrastructure.

The FinTech is Revolut’s long term payments partner, having also recently enabled Revolut’s UK customers to receive their salary one full working day early together.

“Revolut takes financial safety and security extremely seriously and our aim is always to provide our customers with the very latest in-app security features,” said Nik Storonsky, chief executive officer and founder, Revolut. “Being able to automatically check that a recipient’s name and account details match the information held by their bank or payment service provider means that our customers benefit from an important new level of protection and can avoid simple mistakes.

He added: “Thousands of people in the UK fall victim to social engineering scams every year and Confirmation of Payee is a crucial step in the ongoing battle against fraud.”

Myles Stephenson, chief executive and Founder of Modulr said: “We’re committed to providing our partners, such as Revolut, with the very latest in payments innovation and I’m delighted that we were not only the first non-bank or building society to offer Confirmation of Payee, but that we are now the first payment services provider to be able to pass on this functionality to our PSP partners. Utilising our APIs and our participation with Pay.UK’s CoP service, Revolut can now offer its customers an important extra layer of financial protection.”

Chief payments officer of Pay.UK, the leading retail payments authority in the UK, said that it is delighted to see increased numbers of people in the UK benefitting from Confirmation of Payee.

The account name-checking service helps consumers avoid errors and fraudulent misdirection of their funds,” said Maha El Dimachki, chief Payments Officer of Pay.UK It is another tool to support and protect consumers when making payments and has been gaining positive momentum since launch.”

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