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FRISS, Rabobank partner on IBAN-Name Check to reduce insurance fraud

Published 13 July 2018

Rabobank SurePay has entered into a partnership with FRISS over IBAN-Name Check, a service that checks whether the name and the IBAN number match.

Rabobank SurePay co-founder Marcel Rienties said: “The IBAN-Name Check allows insurers to check bank details before they pay out a claim for damages.

“This gives them a means to further improve the verification of payments”. Rienties is delighted with the cooperation with FRISS, which specializes in preventing and detecting fraud in the insurance industry.

FRISS has developed a leading platform for this that, on the basis of Artificial Intelligence (AI), provides risk scores for each incoming policy application or claim. The platform is now being used by numerous insurance companies around the world. Via the software platform of FRISS, insurers can add the IBAN-Name Check as an extra verification step.

FRISS data partner manager Philip van Waning said: “Thanks to linking SurePay to the acceptance and claims process of insurers, FRISS is now able to identify payment fraud at IBAN level.

“The check is completely automated and saves the insurer a lot of time. It also prevents money from being paid out in fraudulent cases. IBAN-Name Check links up seamlessly with FRISS's mission to support honest insurance”.

The IBAN-Name Check has been developed by SurePay, a corporate start-up of Rabobank. The system provides a notification when the IBAN and name do not match the details of the bank or if a bank account has been cancelled.

Since Rabobank introduced the check in the autumn of 2017, the number of incorrect transfers has been halved. Invoice fraud at Rabobank has been reduced by 70%. A month ago, ING, SNS, ASN and Regiobank also introduced the IBAN-Name Check.

The collaboration with FRISS is an example of how technological innovations in the banking sector can help the insurance industry.

The IBAN-Name Check allows insurers to get an even better picture of their payment transactions in order to prevent fraud.

Source: Company Press Release