Immediate ISA transfer: too quick? Risk of fraud?

SouthLondonUser

I have just opened a cash ISA with Charter Savings Bank. The whole process was quick and straightforward, including the transfer of my Virgin Money ISA. In fact, possibly too quick! I applied online, and in the application process I gave the details of my Virgin Money ISA, and said I wanted to transfer it entirely to my new Charter ISA. The whole thing happened in a couple of days. The efficiency is welcome; tbh I was not even aware it was possible to do these transfers online and so quickly. However:

• I did not sign a single piece of paper
• Virgin Money did not contact me to alert me of the transfer: no letter, no text, no email, no call, no flying pigeon, nothing

This got me thinking: doesn’t this system lend itself to potential fraud? I don’t know about you, but I don’t check my ISA account every week. In fact, I may only check it a few times a year, because I know how much is there, and it’s cash, not volatile shares whose value changes every day.
If someone had stolen my identity and made such a transfer, it could have been months before I realised.


By contrast, I am transferring my stock and shares ISA from Iweb to Interactive Investors, and Iweb have sent me a letter to tell me they are processing it.

Thoughts?