webwiz
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Post by webwiz on Jul 19, 2016 9:00:10 GMT
AFAIK SS would not know it was the same lender. The only info they hold is an email address. I suspect that this is something else they will need to address to get FCA approval.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 19, 2016 9:05:36 GMT
AFAIK SS would not know it was the same lender. The only info they hold is an email address. I suspect that this is something else they will need to address to get FCA approval. I suspect that "something else" is simply to get rid of INPL. Wouldn't be a popular move, but it would instantly put a stop to the abuse seen on the SM. SS presumably log IP addresses (when you sign up, and each time you log in), which would give some indication of anybody trying to cheat the system.
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bloodycat
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Post by bloodycat on Jul 19, 2016 9:15:17 GMT
AFAIK SS would not know it was the same lender. The only info they hold is an email address. I suspect that this is something else they will need to address to get FCA approval. They would also have the IP addresses used by the account holders (along with other information from the http requests) which could be sufficient to link them together.
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ablender
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Post by ablender on Jul 19, 2016 9:15:28 GMT
AFAIK SS would not know it was the same lender. The only info they hold is an email address. I suspect that this is something else they will need to address to get FCA approval. I understand that there are credit checks done on each person joining SS. Shouldn't this flag up if someone tried to open more than one account for the same person?
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Post by dualinvestor on Jul 19, 2016 9:42:51 GMT
AFAIK SS would not know it was the same lender. The only info they hold is an email address. I suspect that this is something else they will need to address to get FCA approval. SS (Lendy Ltd) arebound by the Anti-Money Laundering Regulations and its KYC (Know your client) provisions, they should know every detail about the "investors" at least at the time they open the account. They also know the bank account anyone uses to transfer in and out of their SS account on an ongoing basis. If they don't comply with these regulations the FCA would withdraw any authorisation they have as soon as they become aware of it.
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mikes1531
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Post by mikes1531 on Jul 19, 2016 11:16:48 GMT
They also know the bank account anyone uses to transfer in and out of their SS account on an ongoing basis. SS obviously need to have the bank account details for anyone who wants to withdraw funds, but do they receive details of the source account for incoming funds? If I send a FP to someone, does my bank supply the details of my bank account to the recipient? If so, that seems rather unnecessary and would appear to create a security risk for me.
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ablender
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Post by ablender on Jul 19, 2016 11:36:47 GMT
I cannot remember if this applies directly in the case of SS (Anyone want to add some info about this?) I recall platforms (  will have to check which one it was / ones they were) saying that they have to return money to the same account that it came from. I think it relates to money laundering. |
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Post by dualinvestor on Jul 19, 2016 11:41:50 GMT
They also know the bank account anyone uses to transfer in and out of their SS account on an ongoing basis. SS obviously need to have the bank account details for anyone who wants to withdraw funds, but do they receive details of the source account for incoming funds? If I send a FP to someone, does my bank supply the details of my bank account to the recipient? If so, that seems rather unnecessary and would appear to create a security risk for me. I don't thiink your bank does disclose the information, but the transaction is tracable if needed
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Post by dualinvestor on Jul 19, 2016 11:43:41 GMT
I cannot remember if this applies directly in the case of SS (Anyone want to add some info about this?) I recall platforms ( will have to check which one it was / ones they were) saying that they have to return money to the same account that it came from. I think it relates to money laundering. In the early days Zopa used t require this, it was more to do with security than the Money Laundering, but I'm not sure if they still do and whether any of the other sites have the same requirements
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ilmoro
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'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 Jul 19, 2016 12:16:38 GMT
Wellesley require it go back to same account (but after I carefully sent some from a new account they promptly sent the next transfer to the old account) Most others dont but do require some form of additional verification if there is a change
That said not sure it matters whether SS have bank AC/name/address etc details in this context. What matters is that they have a way of cross checking the information to identify where there are multiple accounts held by the same lender against the rules and (given they are a lean, mean lending machine) a member of staff to carry out the corresponding follow up/remedial action
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david42
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Post by david42 on Jul 19, 2016 12:17:30 GMT
SS obviously need to have the bank account details for anyone who wants to withdraw funds, but do they receive details of the source account for incoming funds? If I send a FP to someone, does my bank supply the details of my bank account to the recipient? If so, that seems rather unnecessary and would appear to create a security risk for me. I don't thiink your bank does disclose the information, but the transaction is tracable if needed The bank must supply the details of the source account for incoming funds. I have paid Saving Stream from two different accounts, and now when I withdraw money there is a drop down menu offering a choice of those two accounts. I did not tell Saving Stream those account details.
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sam i am
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Post by sam i am on Jul 19, 2016 12:39:41 GMT
I don't thiink your bank does disclose the information, but the transaction is tracable if needed The bank must supply the details of the source account for incoming funds. I have paid Saving Stream from two different accounts, and now when I withdraw money there is a drop down menu offering a choice of those two accounts. I did not tell Saving Stream those account details. Ditto
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goopy
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Post by goopy on Jul 19, 2016 13:12:01 GMT
The bank must supply the details of the source account for incoming funds. I have paid Saving Stream from two different accounts, and now when I withdraw money there is a drop down menu offering a choice of those two accounts. I did not tell Saving Stream those account details. Ditto Ditto
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mikes1531
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Post by mikes1531 on Jul 19, 2016 14:57:37 GMT
The bank must supply the details of the source account for incoming funds. I have paid Saving Stream from two different accounts, and now when I withdraw money there is a drop down menu offering a choice of those two accounts. I did not tell Saving Stream those account details. Ditto So if someone manages to get into my SS account, the first thing they do is send in a £1 deposit for my account from a bank account they have control over. Then they offer all my holdings for sale on the SM. And then they withdraw all the sale proceeds to their account. Doesn't sound very secure to me! 
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mikes1531
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Post by mikes1531 on Jul 19, 2016 18:20:16 GMT
Unless you've disabled two step verification, they'd have to have access to your device as well as knowing your login details.  I didn't disable it, but I never enabled it in the first place. I was put off completely by the need to repeat the process every two weeks. I'm often away from my main PC for extended periods, and wouldn't want to find myself with internet access and yet be locked out of my account because there's no phone signal where I might happen to be. Does that requirement still exist?
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will have to check which one it was / ones they were) saying that they have to return money to the same account that it came from.
