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Bots??
Apr 13, 2017 10:32:43 GMT
via mobile
Post by lendinglawyer on Apr 13, 2017 10:32:43 GMT
What I was getting at was that certain people have commented that they are running accounts for various family members including their children and doing a lot of trading and it seemed extremely unlikely to me that those other family members had a clue what was going on in terms of all the transactions and that the accounts had only been opened in other peoples names to grab extra allocations of new loans which through clever means would then be bought up by the account managing the ring. Some of these online platforms are very slack in that respect in that if you know somebody's full name, address, date of birth etc. you can sign up to accounts in their names all over the place and the computer has no idea you are not them. Clearly if it is a matter of a husband and wife who live together and share a computer and possibly have a joint bank account and discuss all their financial arrangements that is a different situation altogether. I think you're reading a bit much into that, tbh. My mother has accounts on several P2P platforms - not Lendy. I do all the day-to-day for her, but I don't hold PoA. It's her email address, she gets all the notifications and - obv - knows her passwords. She can, and does, log in herself periodically. I would suggest that's actually the far more normal situation. I agree! What was described above is essentially fraud (on both the individual and HMRC if that individual doesn't even know to report it in their tax return) so not the best idea!!
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adrianc
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Post by adrianc on Apr 13, 2017 10:34:26 GMT
What was described above is essentially fraud... ...by GeorgeT , for the avoidance of doubt... Edit: For the avoidance of even more doubt, I meant described by GeorgeT - not fraud by him...
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GeorgeT
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Bots??
Apr 13, 2017 15:02:28 GMT
Post by GeorgeT on Apr 13, 2017 15:02:28 GMT
Yes I was describing a hypothetical situation which would probably be fraud and not intending to accuse anybody here of it.
My point really is that I have never received anything in the post from Lendy - everything is online - and never been asked to prove who I am.
Therefore, if I were to set up another account in the name of a family member because I knew all their details, and made up a new email address in their name which only I knew about for the communications, it would appear to be very easy for me to grab double allocations and pretend to be them. The other person in whose name I had opened an account would not know about it and be in blissful ignorance that I was using their name for personal gain.
Provided the 2nd account was used only as a new loan allocation account and no big funds were left in it for long periods the interest earned by the account would be below the tax threshold and HMRC would not even raise an eyebrow, even if Lendy were to pass all the interest payment information on to the taxman. This would seem to be easily achievable using the names of, say, adult children who are non tax paying students at University but whose permanent address remains the family home. Then if you knew how to work this selling 1p to beat captcha trick, you could move much of those extra allocations to your master account.
In summary I'm surprised people aren't required to submit some official ID like copy of passport or driving licence and the new account verification process isn't more stringent.
Unless it has changed that is - but I signed up and was approved almost instantly by just filling in my basic personal details and have never been asked to submit anything. I've even got 2 different bank accounts against my account after I accidentally once transferred funds in from a joint deposit account I have with my mother, instead of my personal current account, so they don't even seem to bother what account the funds come in from? I always have to be careful I request my withdrawals to my sole account when I do a withdrawal because the account I used in error appears as the first withdrawal option.
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mikes1531
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Bots??
Apr 13, 2017 15:14:59 GMT
Post by mikes1531 on Apr 13, 2017 15:14:59 GMT
What I was getting at was that certain people have commented that they are running accounts for various family members including their children and doing a lot of trading and it seemed extremely unlikely to me that those other family members had a clue what was going on in terms of all the transactions and that the accounts had only been opened in other peoples names to grab extra allocations of new loans which through clever means would then be bought up by the account managing the ring. Clearly if it is a matter of a husband and wife who live together and share a computer and possibly have a joint bank account and discuss all their financial arrangements that is a different situation altogether. There's probably a middle ground between the two extremes described above, where one of a couple has been delegated all of the family financial management, and gets on with it, managing two accounts with one institution (one in each of the partners' names). The 'silent' partner probably is happy to let the active one do this, and may not discuss or understand much of what is being done in their name. In that scenario, the active partner probably is dealing with both partners' tax returns as well. This doesn't strike me as an unreasonable arrangement, and I suspect it's pretty common. Part of the reason it's necessary in the P2P area is that it's rare for a platform to allow joint accounts, though I admit I haven't looked very hard. And AFAIK the UK tax system doesn't allow for joint tax returns, so there are lots of opportunities/incentives for asset/income sharing between partners who treat all their assets as being joint. And I expect that many of those partners allow/encourage their other half to deal with everything for them.
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adrianc
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Bots??
Apr 13, 2017 15:45:12 GMT
Post by adrianc on Apr 13, 2017 15:45:12 GMT
My point really is that I have never received anything in the post from Lendy - everything is online - and never been asked to prove who I am. Really? I don't remember opening my SS account, but I've definitely had to prove ID to other platforms.
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Bots??
Apr 13, 2017 16:01:19 GMT
via mobile
Post by lendinglawyer on Apr 13, 2017 16:01:19 GMT
My point really is that I have never received anything in the post from Lendy - everything is online - and never been asked to prove who I am. Really? I don't remember opening my SS account, but I've definitely had to prove ID to other platforms. It's right. If you pass the automatic ID thing you don't need to provide any documents. If you have all personal info it's feasible. Even if you have to provide docs I reckon parents could get kids passports, bank statements etc fairly easily to pass the checks. The two accounts for both spouses is a perfectly legit tax planning device to take advantage of allowances and also to get double allocations etc. No one is saying anything wrong with that. Or anything that anyone is doing openly. The point GeorgeT is making I think is merely that it is possible with the checks currently in place. Edit: to correct the tagging of georget.
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GeorgeT
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Bots??
Apr 13, 2017 17:51:42 GMT
Post by GeorgeT on Apr 13, 2017 17:51:42 GMT
My point really is that I have never received anything in the post from Lendy - everything is online - and never been asked to prove who I am. Really? I don't remember opening my SS account, but I've definitely had to prove ID to other platforms. Yes, really. Never been asked to submit a thing. Filled in the Join Up form and bingo, confirmation email arrived and my account live almost instantly. Same with 2 other platforms. TBH, I could have been anyone pretending to be me. As it goes, I was me so no problem and the simplicity was great for me. But I thought it a bit slack. When I've gone to open a new bank account or whatever I've felt like I had to jump through hoops to get an account opened. Opening P2P accounts seems to be the total opposite in my experience. For clarity, I have a straightforward background. I am British, I have always lived in England, I have lived at my current address for about 15 years, I have a British bank account etc. There's nothing complicated about my circumstances, but then the same must apply to millions of others.
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dzo
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Bots??
Apr 13, 2017 20:15:09 GMT
Post by dzo on Apr 13, 2017 20:15:09 GMT
Really? I don't remember opening my SS account, but I've definitely had to prove ID to other platforms. Yes, really. Never been asked to submit a thing. Filled in the Join Up form and bingo, confirmation email arrived and my account live almost instantly. Same with 2 other platforms. TBH, I could have been anyone pretending to be me. As it goes, I was me so no problem and the simplicity was great for me. But I thought it a bit slack. When I've gone to open a new bank account or whatever I've felt like I had to jump through hoops to get an account opened. Opening P2P accounts seems to be the total opposite in my experience. For clarity, I have a straightforward background. I am British, I have always lived in England, I have lived at my current address for about 15 years, I have a British bank account etc. There's nothing complicated about my circumstances, but then the same must apply to millions of others. They probably credit checked you. I had to show them a copy of my passport and a water bill.
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GeorgeT
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Bots??
Apr 13, 2017 20:38:07 GMT
via mobile
Post by GeorgeT on Apr 13, 2017 20:38:07 GMT
Could well be but I am 100% certain I never had to scan in and send any sort of documentation at all to verify myself. I hope others will come forward to confirm they did not have to either.
I joined between 3 and 4 years ago so it is possible that procedures have been tightened up since then.
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vmail
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Bots??
Apr 13, 2017 20:53:29 GMT
Post by vmail on Apr 13, 2017 20:53:29 GMT
most likely an Anti-Money Laundering Check
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GeorgeT
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Bots??
Apr 13, 2017 20:58:09 GMT
via mobile
Post by GeorgeT on Apr 13, 2017 20:58:09 GMT
Could well be but I am 100% certain I never had to scan in and send any sort of documentation at all to verify myself. I hope others will come forward to confirm they did not have to either. I joined between 3 and 4 years ago so it is possible that procedures have been tightened up since then. I joined Oct 2015, and at the time no ID required at the time However, last yer I was contacted by LfSS to send some ID. I think it was because I didn't show up on the electoral register. Thanks that is interesting. I have never been contacted to submit any ID and while I am on the electoral roll I have the box ticked so that I do not appear on the public electoral roll.
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mikes1531
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Bots??
Apr 14, 2017 3:46:36 GMT
Post by mikes1531 on Apr 14, 2017 3:46:36 GMT
I thought the credit checking agencies could see the version of the roll that includes those not appearing on the public roll.
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Liz
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Post by Liz on Apr 14, 2017 14:55:39 GMT
So I want to sell some things on my husbands account and buy on mine - I hit sell on his and refresh and buy on my account (using phone and laptop). It was sold to someone else in less than a split second - bearing in mind I was already in the correct loan - how?? Is this the infamous bots I see mentioned occasionally. TIA You need to wait until 1am, bots asleep.
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Liz
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Bots??
Apr 14, 2017 15:11:08 GMT
Post by Liz on Apr 14, 2017 15:11:08 GMT
Really? I don't remember opening my SS account, but I've definitely had to prove ID to other platforms. Yes, really. Never been asked to submit a thing. Filled in the Join Up form and bingo, confirmation email arrived and my account live almost instantly. Same with 2 other platforms. TBH, I could have been anyone pretending to be me. As it goes, I was me so no problem and the simplicity was great for me. But I thought it a bit slack. When I've gone to open a new bank account or whatever I've felt like I had to jump through hoops to get an account opened. Opening P2P accounts seems to be the total opposite in my experience. For clarity, I have a straightforward background. I am British, I have always lived in England, I have lived at my current address for about 15 years, I have a British bank account etc. There's nothing complicated about my circumstances, but then the same must apply to millions of others. Me too, I just put the details in and somehow I'm authorised. Only Assetz capital have ever asked me for ID, I promtly ignored them. It's the same with online bank accounts, all of the verification is done online.
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twoheads
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Programming
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Post by twoheads on Aug 16, 2017 14:44:34 GMT
In a recent development, it appears Lendy have made a new attempt to restrict the use of 'Bot' like behaviour.
They seem to have put a limit on refreshing the 'available loans' pages used by those attempting to make SM purchases in the FFF races of old (and still ongoing for the longest term loans).
After something like ten refreshes of 'available loans' within a minute or so I was presented with the message below on an otherwise blank page:
Due to unnecessary repeated requests for the same resource, you have been blocked for 1 minute. Firmer restrictions may be imposed if the behaviour continues.
I think that this only applies to 'available loans' page but haven't tested thoroughly!
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