VW Emissions- Milberg and Shieldpay

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Ganga said:

Do not forget your bank account number and sort code are shown on every cheque you have used /issued and that has never been a problem.

I think it is to do with online banking. If someone finds out your bank account number today, they can immediately empty your account, yet in The Olden Days I used to just hand mine out to anyone who asked for payment on every cheque I wrote.

user1977

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Ganga said:

Do not forget your bank account number and sort code are shown on every cheque you have used /issued and that has never been a problem.

I think it is to do with online banking. If someone finds out your bank account number today, they can immediately empty your account

I hope you had your tongue firmly in your cheek when saying that, but for the benefit of the more gullible readers, this is nonsense.

baser999

[Deleted User] said:

baser999 said:

Didn’t I read on another emissions thread that someone had signed over their bank details as you’re being asked to do and then had their bank account cleaned out. Suggest you have a look at that other thread. Possibly someone might link it for you

Not saying this isn't a scam, but someone having your bank details alone is not enough to drain your account.

Lots of people, particularly sole traders and small businesses, share their bank details on invoices as a matter of course.

There is more to that story, or it's unrelated.

There’s another thread running titled ‘Has anyone received money for their Diesel Emissions Claim’ started on 20/04/23 by @Sidewayssyd to which @Johnnbee said they’d been contacted by Milberg and Shieldpay and as a consequence ended up having their bank cleared. That’s the comment I was referring to in my post. Perhaps I’ve misunderstood something?

Sorry if this is a bit drawn out, appreciate it’d be easier if I could add a link to that other thread.

WellKnownSid

user1977 said:

WellKnownSid said:

user1977 said:

"Open banking" exists (e.g. apps which allow you to aggregate all your bank info) but I don't see the relevance here, where all that is happening is someone sending you money. They don't need to "verify" anything other than your account number and sort code, and they can do that via the (separate) process which already exists for checking that a payee's name appears to match the account.

With open banking you can share your bank details from the banking app - it will ensure the exact details are passed on and can help with things like KYC checks where they must verify it’s going to the right person via an account they control (just handing over a bank account and sort code doesn’t confirm your connection to that account).

Does it do any more than the "normal" confirmation of payee check when you enter account number/name?

Yes it does.  The confirmation of payee just gives a yes/no response - it matched, it didn't match.  That tells you very little.

Now you tell me that every financial account you have ever had - bank, credit card, mortgage, loan, ISA, pension has your details all 100% identical.  Chances are you're F. Smith, Fred Smith, Fred B Smith, F B Smith etc across all of them.  Anyone who has ever tried to transfer a pension or an ISA will know this issue very well.

Sharing details via open banking provides the 'official' details of the account to the paying company who can then risk score accordingly e.g. you are known as F. B. Smith vs a bank account which is down as Fred Smith - is that an acceptable deviation?  The company then gets to decide rather than 'computer says yes / no'.

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user1977 said:

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Ganga said:

Do not forget your bank account number and sort code are shown on every cheque you have used /issued and that has never been a problem.

I think it is to do with online banking. If someone finds out your bank account number today, they can immediately empty your account

I hope you had your tongue firmly in your cheek when saying that, but for the benefit of the more gullible readers, this is nonsense.

It isn't nonsense, but they need more than just your account & sort code, e.g. mobile number, email, a few passwords- basically the information readily available all over t'interweb, the account & sort code are the last piece of the puzzle.

All they can do with just the account & sort code is set up direct debits- which you can claim back

Monica18

Contacted FCA and they’ve stated Shieldpay is are regulated by them ? However shield pay require DOB and bank details 😬

Robbo66

Monica18 said:

Contacted FCA and they’ve stated Shieldpay is are regulated by them ? However shield pay require DOB and bank details 😬

If you're that concerned ask them to send you a cheque

Monica18

Robbo66 said:

Monica18 said:

Contacted FCA and they’ve stated Shieldpay is are regulated by them ? However shield pay require DOB and bank details 😬

If you're that concerned ask them to send you a cheque

Hi - I’ve spoken to them with regards this exact issue?….. no way are they receiving any additional personal information 

WellKnownSid

Monica18 said:

Robbo66 said:

Monica18 said:

Contacted FCA and they’ve stated Shieldpay is are regulated by them ? However shield pay require DOB and bank details 😬

If you're that concerned ask them to send you a cheque

Hi - I’ve spoken to them with regards this exact issue?….. no way are they receiving any additional personal information 

Then I guess you will be waiting a long while to get paid? 

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WellKnownSid said:

Monica18 said:

Robbo66 said:

Monica18 said:

Contacted FCA and they’ve stated Shieldpay is are regulated by them ? However shield pay require DOB and bank details 😬

If you're that concerned ask them to send you a cheque

Hi - I’ve spoken to them with regards this exact issue?….. no way are they receiving any additional personal information 

Then I guess you will be waiting a long while to get paid? 

That makes it sound even dodgier! It actually came from someone getting their car stolen? Fake escrow scams are rife with car purchases.

The normal course of action if you won't pay into a bank account directly is to print off a letter with a cheque at the bottom payable to the person making the claim ("account payee"), like when the DVLA refund your tax.

Shieldpay is supposed to be legitimate, but we are warned to run a mile when escrow is mentioned, I wonder if this is being done to put people off claiming for a while, so that their money sits in a bank account earning interest?

Or has the settlement been made directly to the escrow service for disbursement, not the Legal firm- but then how are they getting their cut?