Security gone mad

Zopa_Trooper

Got a message from Santander this morning offering me the 6% saver which I'm entitled to as an Edge account holder. Thought I might as well take advantage so applied and immediately got accepted and given a new sort and account number. So I set up the £4000 transfer from my Santander current account. They checked and verified the saver account number. I then spent 10 minutes going through security. What is the purpose of this transfer? Do I know the person I'm transferring the money to? Am I being pressurised into make this transfer? Could this be a scam? etc, etc. I know the purpose of all this security but it does sometimes seem completely over the top.

eskbanker

Do you mean that a transaction that was initiated online was held and needed a conversation with the fraud team to resolve, or were you doing the whole thing on the phone?

Nasqueron

If you'd done it in the app, it would go through fine normally, doing it over the phone will always invite extra questions and security per the various scams and bank liability

DavidT67

My son, whose's under eighteen, but earns a decent amount, wanted to move some of his money from his Santander current account to his savings account with another bank, it took TEN pages of questions, a Scan of his passport and a Selfie to complete the transaction ! 

Since the banks have become liable for app fraud their security countermeasures have become insane.

born_again

Nasqueron said:

If you'd done it in the app, it would go through fine normally, doing it over the phone will always invite extra questions and security per the various scams and bank liability

Santander APP now goes through all these questions. Even when paying into own accounts.
Which TBH, is how a lot of money is lost to fraudsters. 
Move to one of your own accounts & then moved out of there...

eskbanker

born_again said:

Nasqueron said:

If you'd done it in the app, it would go through fine normally, doing it over the phone will always invite extra questions and security per the various scams and bank liability

Santander APP now goes through all these questions. Even when paying into own accounts.
Which TBH, is how a lot of money is lost to fraudsters. 
Move to one of your own accounts & then moved out of there...

Are you referring to their measures to combat APP (Authorised Push Payment) scams or just their app (i.e. the software on phones, etc)?

EssexExile

It does seem daft that every month when I pay my Santander credit card bill from my Santander current account I have to confirm that it's not a scam. Obviously I don't read all the warnings before ticking all the boxes every month because I can remember what they said last month. The problem is of course that I may not read all the warnings before ticking all the boxes when one day it really is a scam. Familiarity breeds contempt.

Zopa_Trooper

All mine was on the app. The only thing outside was the email from Santander saying I'd been accepted and detailing the new account number. So the money being transferred was from the Santander current account to my new Santander savings account.

The strange thing is, i just transferred my ISA from Chip to Trading 212, just by giving the latter my account number and it all went through in a day without any of this rigmarole. It was also for a lot more money.

eskbanker

Zopa_Trooper said:

I then spent 10 minutes going through security. What is the purpose of this transfer? Do I know the person I'm transferring the money to? Am I being pressurised into make this transfer? Could this be a scam? etc, etc.

Zopa_Trooper said:

All mine was on the app.

Just to be clear, it didn't literally take you ten minutes to tick a few boxes within the app but you just felt that the number of questions was more than was necessary?

friolento

Did you make a payment or a transfer?

Ballard

I dare say that we all encounter this issue and it can be a little frustrating but I can understand why banks put this on every transfer. Filtering certain payments could open them up to claims that they weren’t told to be careful.

Even if it’s an internal transfer to another of my accounts, what if someone else has POA on that account but not my main one (I’m making an assumption that this is feasible)? The bank would need to employ ever more complex arguments within their system to cover everything. It’s easier for them to just ask the question each time and know that they’ve complied.