Co Operative bank switching offer

fenwick458

"Contrary to what I said at the time, we must go after the idiots who lost the discs and stick cocktail sticks in their eyes until they beg for mercy."  
Clarkson hoot

Daliah

fenwick458 said:

"Contrary to what I said at the time, we must go after the idiots who lost the discs and stick cocktail sticks in their eyes until they beg for mercy."  
Clarkson hoot

Dreadfully lazy, sloppy and sensationalist reporting by the Guardian. As has been pointed out in the other thread which I linked to earlier, he could have invoked the DD guarantee if he had wanted to.

fenwick458

tbh I didn't see the first link you posted I only read the last post, then googled it to see what I was It's the first I've heard of it.
I don't have an issue with the bank asking for this extra data, I think most of the general public give away much more data without a second thought every day compared to this.

Sensory

pphillips said:

Daliah said:

pphillips said:

I wouldn't really know about that, I haven't written a cheque for almost 10 years.

You might not have written cheques but tens of millions of people did. How many of them where victims of fraud because of it?

pphillips said:

So are you saying that it's completely safe to give out all this info?

It's not more of a risk than getting run over by a car every time you leave the house.

You still haven't articulated what sort of risk you have in mind by acting as the referrer for the COOP offer. May be I am missing something obvious, or not so obvious?

The risk of this information getting into the wrong hands once you give up control of it. Some of it may be more useful to fraudsters, but I don't profess to know what they could do with it.

The DD Guarantee is as generous as it is to protect against erroneous/fraudulent transactions. Details of sort codes and account numbers can, by themselves in the absence of any other information, be used to pay those accounts and set up direct debits from them, but the risk of fraud is extremely unlikely due to careful vetting and close monitoring of organisations by the banking industry.

Once you add full names and email addresses, the risk of fraud can increase because depending on how careful you are online, a lot can be revealed using just those details, including addresses and dates of birth. Fraud specifically related to the disclosed accounts details then depends on the strength of other protections in place, but this Co-op offer is meant for referring friends/family, not strangers.

jimjames

pphillips said:

Daliah said:

pphillips said:

I wouldn't really know about that, I haven't written a cheque for almost 10 years.

You might not have written cheques but tens of millions of people did. How many of them where victims of fraud because of it?

pphillips said:

So are you saying that it's completely safe to give out all this info?

It's not more of a risk than getting run over by a car every time you leave the house.

You still haven't articulated what sort of risk you have in mind by acting as the referrer for the COOP offer. May be I am missing something obvious, or not so obvious?

The risk of this information getting into the wrong hands once you give up control of it. Some of it may be more useful to fraudsters, but I don't profess to know what they could do with it.

So only give it to friends you trust rather than complete strangers?

phillw

Daliah said:
Short of mimicking the Jeremy Clarkson hoot, or sending large amounts of money to you, there's nothing a fraudster could do with your name, sort code and account number. In either case, you can take action.

I guess it depends on how closely you monitor your bank statements.

I know I try to keep a very close eye on everything going on in my account, but I know people who don't.

I certainly wouldn't be sharing the information to some random on the internet, normally the only people who get my details are people I accept the risk dealing with.

grumiofoundation

pphillips said:

Daliah said:

pphillips said:

Are Co Op having a laugh with the criteria for their latest switching offer?

"You’ll need to provide your friend with your full name, the sort code and account number of your current account and your email address."

What do you think is the issue with this? It's information that has been printed on billions of cheques for decades.

Exposing yourself to the risk of fraud! The more personal information you have to give out, the greater the risk.

Don't do it then, or don't recommend anyone you don't trust.

Co-op isn't forcing you to do it is it?

jimjames

phillw said:

Daliah said:
Short of mimicking the Jeremy Clarkson hoot, or sending large amounts of money to you, there's nothing a fraudster could do with your name, sort code and account number. In either case, you can take action.

I certainly wouldn't be sharing the information to some random on the internet, normally the only people who get my details are people I accept the risk dealing with.

Maybe it's a way for the Co-op to limit the number of referrals that are made to those that are close to the account holder

bristolleedsfan

jimjames said:

phillw said:

Daliah said:
Short of mimicking the Jeremy Clarkson hoot, or sending large amounts of money to you, there's nothing a fraudster could do with your name, sort code and account number. In either case, you can take action.

I certainly wouldn't be sharing the information to some random on the internet, normally the only people who get my details are people I accept the risk dealing with.

Maybe it's a way for the Co-op to limit the number of referrals that are made to those that are close to the account holder

Limit of 2 to the account holder

wiseonesomeofthetime

My friends know my name and email address anyway.

My guess. The person being referred is not actually a friend.