Trading 212 Clone / Scam?

dwainpipe

Having seen the Trading 212 Cash ISA in the newsletter, I clicked the link, got to the trading212 site and opened a Cash ISA... did the ID checks and went to deposit £20k, but Chase (my bank) wasn't on the list of banks they can do an instant transfer with, so elected for the bank transfer method.

I used my Chase app to add Trading 212 UK Limited as a payee using the account number and sort code provided to me on the trading212 site but the Chase app would not successfully verify the account details.  I double-checked I had all the numbers correct and 'trusted' the payee myself and started the transfers.

Immediately I got a text message from Chase asking me to call them.  The long call shortened... they told me the account or company had been cloned and advised me not to send any money until I talked with the company using the phone number on the FCA website.

This does tie in with what I was finding at the same time on the FCA website myself at https://register.fca.org.uk/s/firm?id=001b000000NMi1QAAT

Is Martin's link sending us to a scam website?

gravel_2

trading212.com is the correct site. What site are you using? The link on MSE homepage is correct. As is the one from the newsletter.

dwainpipe

I feel that Martin's link is to the correct site also, but then all the non-trust of the account number and sort code started.

Aidanmc

dwainpipe said:

I feel that Martin's link is to the correct site also, but then all the non-trust of the account number and sort code started.

My first deposit to 212 via bank transfer went fine, a few weeks later i attempted to make a much larger deposit (from same bank acc) and it was stopped by Halifax fraud dept until i contacted them.

When i contacted the bank their main concern seemed to about making sure i wasn't being coerced in some way, also talked about Bitcoin and apps i may have been using.

dwainpipe

Absolutely my bank (Chase) did the right thing doing the checks for a £20k transfer but... my problems started before I got to those checks when they checked the account number and sort code in the app before transfer.  Then they blocked the transfer (when I checked and trusted the details) asking me to call them.

Then they did all the coercion checks etc, and after 'passing' those they told me not to progress with the transfer as it was a cloned company and a scam.

gravel_2

I didn't pay in using this method so cannot directly comment on it HOWEVER I have just gone through the motions. The site asks me to give my account number and sort code. It then gives me account details to pay to and a reference number.

The account details are, ironically, a JP Morgan Chase bank account. Is that also what you saw?

localshop

Pretty much the same story with trading 212 and chase here.  I transferred £10 from chase to 212 and followed the link on the FCA site to 212, logged in and saw my £10 there so unless someone has put a link to a cloned site on the FCA website I'm comfortable the £ is going where I hoped to be sending it.   https://register.fca.org.uk/s/firm?id=001b000000NMi1QAAT

dwainpipe

@gravel_2  That's exactly what I found.  It worries me that Chase are advising me not to send money to another of their customers.

@localshop A small deposit is a great idea, going to try it now.  I'm really not wanting to miss out on that sweet 5.2%, but of course if this was a scam (and I think it's not) that pressure to buy/transfer/not miss out is exactly what the scammers would want.

GreenWiz

Yep, same here....jumped the hoops to the point of transfer, tried the quick deposit method which uses Open Banking to "pull" the £ from my account...register my bank (FD) with log in code, click upper link to quick transaction, put in amount to deposit, put in user name, generate transaction code, submit it and DOB..."computer says no"...
Try it with my other bank (Kroo) - "computer says no". 
Try longer standard method (again with both my banks) of paying in with T212 as new recipient and it says "the receiving bank does not support account name checks"....!!!!!!....the falafel stand in my local farmers market supports account name checks!? Not T212? Then I get the standard "proceed at your own risk". I decide not to. I contact T212 online chat (do we all hate online chat?). "It might take longer than usual to connect you to an agent. We appreciate your patience."...that was an hour ago. If T212 are protected by the FSA £85k then they rerally should allow account name checks too. Absolute waste of my time. Dissapointing.

gravel_2

It's not that T212 isn't part of COP, they are not a bank so CANT be part of COP.

dwainpipe

@gravel_2 what's COP and who can't be part of it?  Trading212? 

@GreenWiz I've been on the same online chat session/waiting for a human for 2 days now... still no response.  The bot just says the 'it's take too long, sorry' type message, which I also got by email overnight too.