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Post by ablrate on Sept 1, 2014 15:57:47 GMT
Hi ablrate, Whilst you're looking to update your site, I thought I'd add a couple of comments for you to consider. I've recently retired from security compliance work, and I'm sorry to say that I would have blocked your site from going live after trying my initial logon. Any site that has financial/personal details should have a 2 step authentication. The problem with just a username/passsword is that most people these days get their browsers to remember login details which makes this initial login very weak. It is also easily picked up if the user is infected with a key logger virus, or can be 'sniffed' if the user is connected via a wireless network. The idea for the second stage is that it should be something different like selecting a chosen specific picture from a multiple choice, or having another chosen passphrase and only supplying a few random characters from this, e.g. 2nd, 5th and 9th characters. This servers 2 purposes. It can help protect against the previous vulnerabilities mentioned, and also gives the user confidence that they are on the official site and not a 'cloned site' setup to harvest personal information. It also gives the user some peace of mind as it shows that the platform takes security seriously. Another security issue I noticed was that you are not automatically logged off after a period of inactivity. This means someone can gain access to your account if you forget you are logged in and leave your computer unattended. Usual times are between 5-10 minutes. Also, it may be worth re-asking for the users password when they change any of their personal details (if this is not already the case). One final point, when I was making a bid it did not show what my current available balance was. Sorry to ramble on for so long, but I do find from my previous work that security is always seen as an afterthought to a sites design, and not integrated well or with much thought. I've noticed that many of the P2P sites seem to be lacking in what I would consider basic security, so I'm not just nagging your site Good luck with the site re-design! cheers scubabeer Hi Scubabeer Thank you for the feedback. This is something that we are working on right now. We have been looking at various captcha systems to integrate (as the current one is not the best.. sorry), and while we are doing that we are looking at any security issues that we can identify, to the extent that we will be having it security audited and implementing the recommendations. There is always a fine balance between making it a pain and making it secure so we will be taking on board your feedback and other recommendations. We are looking at the bid confirmation,. It was mentioned earlier that it should also say the loan in the confirmation. Will will implement both shortly. I am having the site set to a 15 minutes log off after inactivity, that should be done shortly. Thanks for the feedback Regards Ablrate
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 2, 2014 10:08:01 GMT
Congratulations ablrate First loan is now drawndown and cashback paid. Just need some more loans to invest it in. Just received a slightly confusing email as a result confirming the receipt of funds. As i hadnt sent any funds this came as surprise. On investigation it was actually referring to the cashback payment. I think you might want to change the wording in the notification. On a related topic not sure that 'Sell debt obligation' is the right wording for the button to sell loan parts - implies I have a debt for which I am obligated rather than the reverse - 'sell loan parts' would be better. Now waiting to investigate secondary market.
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Post by ablrate on Sept 2, 2014 11:02:20 GMT
Congratulations ablrate First loan is now drawndown and cashback paid. Just need some more loans to invest it in. Just received a slightly confusing email as a result confirming the receipt of funds. As i hadnt sent any funds this came as surprise. On investigation it was actually referring to the cashback payment. I think you might want to change the wording in the notification. On a related topic not sure that 'Sell debt obligation' is the right wording for the button to sell loan parts - implies I have a debt for which I am obligated rather than the reverse - 'sell loan parts' would be better. Now waiting to investigate secondary market. Thank you il morro We have a new aircraft loan coming at the end of the week a little shorter term at 15 months. Yes - we use the internal deposit feature on our CMS (for when a bank deposit is made) and an auto email is sent out. On the next update there will be a separate cash back email so this confusion is avoided. Yes.... I have to say that this slipped under our radar.... developers have their own language... It is being changed today to 'Sell my loan units'.... We will be posting some of the loan on the secondary market so everyone can see how it works. Regards Ablrate
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Post by ablrate on Sept 2, 2014 12:21:50 GMT
...........On a related topic not sure that 'Sell debt obligation' is the right wording for the button to sell loan parts - implies I have a debt for which I am obligated rather than the reverse - 'sell loan parts' would be better. Hi We have changed to 'Sell My Loan Units' Regards Ablrate
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shimself
Member of DD Central
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Post by shimself on Sept 2, 2014 12:30:41 GMT
We have changed to 'Sell My Loan Units' Regards Ablrate Dear old TC still use the D O nomenclature gawdelpus, Ablrate have fixed it in fewer hours than TC have taken in years!
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Vero
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Post by Vero on Sept 2, 2014 19:07:37 GMT
Congratulations ablrate First loan is now drawndown and cashback paid. Just need some more loans to invest it in. Just received a slightly confusing email as a result confirming the receipt of funds. As i hadnt sent any funds this came as surprise. On investigation it was actually referring to the cashback payment. I think you might want to change the wording in the notification. On a related topic not sure that 'Sell debt obligation' is the right wording for the button to sell loan parts - implies I have a debt for which I am obligated rather than the reverse - 'sell loan parts' would be better. Now waiting to investigate secondary market. That's strange, I have only received an "auction complete" email, which indicates that drawdown is *not* yet complete. There is also no mention of the cashback... Am I missing something?
"We wanted to let you know that an auction on which you bid has now completed and your bid was one of those who sucessfully invested in the loan. Your funds have been allocated to this loan and will be transferred to the borrower on completion of the drawdown procedures. As soon as we authorise the acceptance of the loan and we are happy that all paperwork is completed, your funds will be debited from your account and transferred to the borrower. You will begin receiving interest on your investment on the one month anniversary of the drawdown and monthly thereafter with the capital paid at the end of the term. "
In Edit: I note in my dashboard the funds *are* listed as lent out, regardless of the content of the email. Still no mention/sign of the cashback.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,881
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Post by ilmoro on Sept 2, 2014 20:55:31 GMT
We will change the FAQ to make it clearer on the withdrawal. We will also look at making this a more prominent feature elsewhere on the site, so that you go straight to that if required. We are doing an audit of all this UI feedback, so anything you come across let us know and we will add to the file for upgrade of the UI on thenext update. Regards Ablrate ablrate FAQ for withdrawls needs to be updated sooner rather than later. I have just made a withdrawl request as an experiment & it is totally unclear how it works. Note field is mandatory but no indication what should be entered here. I entered Ablrate so this would appear as the source on my bank statement but this is showing as the withdrawl method on the platform statement. No indication where the money is going except on confirmation email. Now that the first loan is live, site could do with a FAQ for secondary market. Eg How is interest handled between seller & buyer? -something each P2P site seems to handle differently
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Post by ablrate on Sept 2, 2014 21:05:01 GMT
Congratulations ablrate First loan is now drawndown and cashback paid. Just need some more loans to invest it in. Just received a slightly confusing email as a result confirming the receipt of funds. As i hadnt sent any funds this came as surprise. On investigation it was actually referring to the cashback payment. I think you might want to change the wording in the notification. On a related topic not sure that 'Sell debt obligation' is the right wording for the button to sell loan parts - implies I have a debt for which I am obligated rather than the reverse - 'sell loan parts' would be better. Now waiting to investigate secondary market. That's strange, I have only received an "auction complete" email, which indicates that drawdown is *not* yet complete. There is also no mention of the cashback... Am I missing something?
"We wanted to let you know that an auction on which you bid has now completed and your bid was one of those who sucessfully invested in the loan. Your funds have been allocated to this loan and will be transferred to the borrower on completion of the drawdown procedures. As soon as we authorise the acceptance of the loan and we are happy that all paperwork is completed, your funds will be debited from your account and transferred to the borrower. You will begin receiving interest on your investment on the one month anniversary of the drawdown and monthly thereafter with the capital paid at the end of the term. "
In Edit: I note in my dashboard the funds *are* listed as lent out, regardless of the content of the email. Still no mention/sign of the cashback.
Hi Veronica The email needs changing and will be done in the morning. We will email all tomorrow just to clarify that you are now earning interest on the loan. We spotted a slight bug on the cash back situation which has been fixed just now, so it should be with you, sorry about that but we did spot it.... you guys are too eagle eyed!!! Regards Ablrate
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Vero
Member of DD Central
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Post by Vero on Sept 2, 2014 21:09:22 GMT
That's strange, I have only received an "auction complete" email, which indicates that drawdown is *not* yet complete. There is also no mention of the cashback... Am I missing something?
"We wanted to let you know that an auction on which you bid has now completed and your bid was one of those who sucessfully invested in the loan. Your funds have been allocated to this loan and will be transferred to the borrower on completion of the drawdown procedures. As soon as we authorise the acceptance of the loan and we are happy that all paperwork is completed, your funds will be debited from your account and transferred to the borrower. You will begin receiving interest on your investment on the one month anniversary of the drawdown and monthly thereafter with the capital paid at the end of the term. "
In Edit: I note in my dashboard the funds *are* listed as lent out, regardless of the content of the email. Still no mention/sign of the cashback.
Hi Veronica The email needs changing and will be done in the morning. We will email all tomorrow just to clarify that you are now earning interest on the loan. We spotted a slight bug on the cash back situation which has been fixed just now, so it should be with you, sorry about that but we did spot it.... you guys are too eagle eyed!!! Regards Ablrate Thanks ablrate, I have just now received one of the aforementioned strange emails ("Your funds have been successfully deposited in your account...") and cashback is now showing in my account. Night, Veronica
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Post by ablrate on Sept 5, 2014 12:26:32 GMT
Happy Friday All
Just a quick update.
1. Passport/Driving License Information. This has now been removed when a lender has verified their account. There was some very good feedback reference security and privacy, so we have take this away from the profile section once an account is verified.
2. We are in the process of introducing a two step log-in procedure for security.
3. The 'Instant Returns' feature is now on our development server and is being tested. We hope to be able to roll this out on the next loan. For those who have not followed the thread, basically it means that you will earn interest from the day you make a bid on a loan that is included in this feature.
Regards Ablrate
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,881
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Post by ilmoro on Sept 5, 2014 14:22:32 GMT
Good stuff,. I can see my document details have disappeared already. Does the instant return testing mean the next new loan will be delayed until thats ready to go? I notice that you have put some of the plane loan on the SM. Couple of points. Dosent seem to be any way to buy individual units, just the 10 unit/£1000 block. Would offer better liquidity/diversification if lenders can buy chunks in smaller amounts (£100) as offered by SS/AC. People can always buy multiples if they want more. Also cant see anyway to get quickly back to the list of loans once you have viewed any individual loan. Need to do something to make it obvious that loan title is a clickable link as otherwise unclear where loan details are for new investors. Seems to be a fault on the investors list for this loan. Clicking p2 etc and the forward arrow all result in a page saying 'You currently have no investor' which doesnt make sense grammatically and is wrong as there should be more investors (37 in total). There is no way to get back from this to p1 as page list disappears and clicking investors again just takes you to the same empty page. Ok, that my play for the day. Still awaiting my test withdrawl (see comments above) but not due until tomorrow (Mon most likely I guess)
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smee
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Post by smee on Sept 5, 2014 15:13:30 GMT
I notice that you have put some of the plane loan on the SM. Couple of points. Dosent seem to be any way to buy individual units, just the 10 unit/£1000 block. Would offer better liquidity/diversification if lenders can buy chunks in smaller amounts (£100) as offered by SS/AC. People can always buy multiples if they want more. Before investing in one large loan rather than individual units I asked Ablrate if loans could be split into individual units for sale on the SM. They confirmed that they could, so I assume there is a choice whether or not to sell a loan in individual units (as in AC ) or in a block as Ablrate have done with their sale. Perhaps Ablrate could confirm this. Edit Ablrate response to my question via ticket 37 on your site stated that either all or part of a loan could be sold on the SM
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Post by ablrate on Sept 5, 2014 15:22:43 GMT
Good stuff,. I can see my document details have disappeared already. Does the instant return testing mean the next new loan will be delayed until thats ready to go? I notice that you have put some of the plane loan on the SM. Couple of points. Dosent seem to be any way to buy individual units, just the 10 unit/£1000 block. Would offer better liquidity/diversification if lenders can buy chunks in smaller amounts (£100) as offered by SS/AC. People can always buy multiples if they want more. Also cant see anyway to get quickly back to the list of loans once you have viewed any individual loan. Need to do something to make it obvious that loan title is a clickable link as otherwise unclear where loan details are for new investors. Seems to be a fault on the investors list for this loan. Clicking p2 etc and the forward arrow all result in a page saying 'You currently have no investor' which doesnt make sense grammatically and is wrong as there should be more investors (37 in total). There is no way to get back from this to p1 as page list disappears and clicking investors again just takes you to the same empty page. Ok, that my play for the day. Still awaiting my test withdrawl (see comments above) but not due until tomorrow (Mon most likely I guess) Hi Il moro Yes, we will be making the new loan an Instant Returns one, so it makes sense to delay it slightly. It should be installed very soon, so not too much of a delay hopefully. Yes, we placed a small one on there. On a fixed rate basis it is for the whole loan rather than units, on an auction you can bid for individual units (I have put some up so you can see how it works). Basically the auction side of it is where you can make a bid based on the return you would like and the seller has the opportunity to accept individual bids. Its not an auction in the sense of the primary market, but more of a 'best offer auction' on all the units where the seller is looking to get the most our of their sale or has the opportunity to sell them quickly. Thanks - I will take a look a look at that, we had a small bug with pages on the bids, it might be the same issue... will get it fixed today. On the withdrawal we sent asking for bank details etc, but have not received? Will send again as we can do UK withdrawals same day.... although I expect your massive withdrawal will cost us ... Regards Ablrate
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,881
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Post by ilmoro on Sept 5, 2014 16:48:52 GMT
Good stuff,. I can see my document details have disappeared already. Does the instant return testing mean the next new loan will be delayed until thats ready to go? I notice that you have put some of the plane loan on the SM. Couple of points. Dosent seem to be any way to buy individual units, just the 10 unit/£1000 block. Would offer better liquidity/diversification if lenders can buy chunks in smaller amounts (£100) as offered by SS/AC. People can always buy multiples if they want more. Also cant see anyway to get quickly back to the list of loans once you have viewed any individual loan. Need to do something to make it obvious that loan title is a clickable link as otherwise unclear where loan details are for new investors. Ok, that my play for the day. Still awaiting my test withdrawl (see comments above) but not due until tomorrow (Mon most likely I guess) Hi Il moro Yes, we placed a small one on there. On a fixed rate basis it is for the whole loan rather than units, on an auction you can bid for individual units (I have put some up so you can see how it works). Basically the auction side of it is where you can make a bid based on the return you would like and the seller has the opportunity to accept individual bids. Its not an auction in the sense of the primary market, but more of a 'best offer auction' on all the units where the seller is looking to get the most our of their sale or has the opportunity to sell them quickly. On the withdrawal we sent asking for bank details etc, but have not received? Will send again as we can do UK withdrawals same day.... although I expect your massive withdrawal will cost us ... Regards Ablrate Ok. I have received the email, first went astray. This seems to be a flaw in your site that seems to need addressing urgently. I take it that the issue is that if you pay by debit card you do not have a record of bank details. For security I (and I suspect noone else) will not send bank details through email. Was I supposed to put my details in the note field of the withdrawl request? There is no mention of this anywhere, certainly not in the FAQ. As the acknowledgement email says funds will be returned to the originating account that would suggest that the solution is for all investors to send a nominal sum via bank transfer as part of account set up for you to capture these details. The alternative is to have a form where you enter the details of the account the funds are to be sent to - not as secure but used by FC, among others, & has the advantage of allowing bank account details to be changed easily. Best bet probably to cancel my request and stick the money back in my Ablrate account, if not I will phone with details next week. SM - I can see the point of the auction style listings which offers flexibility to both seller & buyer but I still think that the system should enable the fixed rate listing to be purchased in smaller chunks. I assume that the fix rate option is designed to allow quick listing of a holding but if that is the only listing avaliable it totally restricts the number of buyers to those with the requiste funds, a lot of investors are only interested in buying £100 worth of loans & they would therefore be excluded from such a listing, hindering the liquidity of the aftermarket. All IMHO Thanks
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Post by ablrate on Sept 6, 2014 10:42:41 GMT
Hi Il moro
We are looking at the bank details issue. We have been speaking with UPG the gateway providers to see if we can send money back securely via them but until that it needs to be sent to us. We will come up with a solution shortly.
Fixed rate SM deals will be available in unit sizes soon... your wish...
Thanks for the feedback, very much appreciated as usual.
Regards Ablrate
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