Has Shawbrook still got a clone 9 December 2022 at 10:19AM in Savings & investments 3 replies 336 views

antmoss44

Putting money into a one year fixed ISA in Shawbrook, my bank phoned to alert me this could be fraudulent, can you put my mind at rest is it okay. It has the padlock before the address and I can see the money in my account that I transferred. When I make a payment from my bank it says unconfirmed. What are your opinions please, is there a clone or is it safe.

Zuzi

Someone might be around later who actually banks with them but Shawbrook don't participate in confirmation of payee, so you will not see the "data matched" when sending a payment to them (if that's what is of concern to you)

https://www.shawbrook.co.uk/direct/savings/help/faq/personal-savings/sending-a-deposit-from-your-nominated-account/

eskbanker

Presumably your bank is just reflecting the fact that Shawbrook isn't part of the Confirmation of Payee scheme, and therefore it can't validate a payment to them in the way it can for payments to participants?

https://www.shawbrook.co.uk/direct/savings/help/faq/personal-savings/sending-a-deposit-from-your-nominated-account/

The padlock before the address doesn't signify that a site isn't fraudulent (although it's a minimum security standard) and if you can see the money you've transferred then that speaks for itself, or did the bank raise any specific concern beyond inability to complete a CoP check?

There was a clone in 2019, but it seems unlikely that it would still be active three years later:

https://www.fca.org.uk/news/warnings/shawbrook-bank-ltd-clone-authorised-firm

and Shawbrook publish a range of guidance:

https://www.shawbrook.co.uk/customer-security/

ruelle

You should follow the advice on the page here, very helpful: https://www.fca.org.uk/consumers/avoid-scams-unauthorised-firms/clone-firms-individuals