Trading 212 - HSBC say it is a scam

dprice8893

I'm having exactly this problem with First Direct (HSBC). Trying to transfer money from my FB to my T212 Cash ISA. FD have held three transactions and I have to go through the same process of ringing FD fraud/payments dept, recieving the same advice and answering the same questions. Seems like I will just have to put up with  it. 
Perhaps it has something to do with HSBCs frequent fines for allowing poor checking procedures?

PolePosition2

I've just recently opened a Trading 212 cash ISA.

I downloaded the app from Google play store and had to go through Trading 212 ID check before being accepted. Deposited 10k and have withdrawn money back to my Santander account and deposited money back into the cash ISA a few times since opening.

Im assuming that if I'd been scammed my money would have vanished already but no it's still there and earning 4.5% plus a bonus of 1.1% for 3months so presently 5.6%

jaypers

The Bank anti-fraud systems are there to not only safeguard themselves as a Bank, but also to protect customers. Scams and Fraud is at pandemic levels…..it’s out of control. The algorithms in these systems are not foolproof, but they are improving all of the time. It’s frustrating when something kicks in against a valid payment, but I would rather my Bank checked than let something through that turns out to be illegitimate. So yes, a pain to go through the process but I always hope as time goes on that these things will continue to improve and the fraudsters end up in hell. 

poseidon1

jaypers said:

The Bank anti-fraud systems are there to not only safeguard themselves as a Bank, but also to protect customers. Scams and Fraud is at pandemic levels…..it’s out of control. The algorithms in these systems are not foolproof, but they are improving all of the time. It’s frustrating when something kicks in against a valid payment, but I would rather my Bank checked than let something through that turns out to be illegitimate. So yes, a pain to go through the process but I always hope as time goes on that these things will continue to improve and the fraudsters end up in hell. 

jaypers said:

The Bank anti-fraud systems are there to not only safeguard themselves as a Bank, but also to protect customers. Scams and Fraud is at pandemic levels…..it’s out of control. The algorithms in these systems are not foolproof, but they are improving all of the time. It’s frustrating when something kicks in against a valid payment, but I would rather my Bank checked than let something through that turns out to be illegitimate. So yes, a pain to go through the process but I always hope as time goes on that these things will continue to improve and the fraudsters end up in hell. 

Indeed I noticed my own bank ( Lloyds) have stepped up their scam warning notifications when I recently set up a new payee account in favour of Paragon Bank. This was despite their account identification process confirming the bank and my account details therein had been verified.

As you say a little tiresome, but if it helps prevent the eternally naive and gullible from being parted from their savings, have to be grudgingly applauded. 

callum9999

dprice8893 said:

I'm having exactly this problem with First Direct (HSBC). Trying to transfer money from my FB to my T212 Cash ISA. FD have held three transactions and I have to go through the same process of ringing FD fraud/payments dept, recieving the same advice and answering the same questions. Seems like I will just have to put up with  it. 
Perhaps it has something to do with HSBCs frequent fines for allowing poor checking procedures?

Of course you don't have to "put up with it". Just use a bank that doesn't do that!