New Moneybox account

nopersonallyidentifiableinformation

Does anyone else see it as a massive red flag that moneybox require you to verify your identity before setting up your account .... by replying to an email with your passport photo!? 

I'm always skeptical starting a new job or signing up to things where they use a 3rd party "safe" provider for these things .. but this is terrible.

I'm inclined to skip the extra few quid and put my money elsewhere.

I appreciate I'm doing all this after the rates have dropped so many have already taken action and this is not pressing or relevant at the moment. 

Just wanted to hear a few more opinions on this.

Thanks 

Emmia

They'll want you to prove your identity as part of their Know Your Customer requirements, any financial institution whether app based or bricks and mortar needs to do this for account opening.

If you're not comfortable with how they do it, then don't sign up with them. If it's the email aspect, then you can contact them about whether there are other options for you.

flaneurs_lobster

nopersonallyidentifiableinformation said:

Just wanted to hear a few more opinions on this.

Sending a copy of the photo page of my passport as an email attachment?

I wouldn't want to do it.

However I do have a Moneybox account, just don't recall having to do the above. Maybe they were able to verify me by other means.

masonic

In their help section they suggest passport photos should be uploaded. They only suggest using email if you are sending a photo of your birth certificate and proof of address. If you need to send via email, then encrypt it and provide the password via secure message or over the phone.

By law, all financial institutions must verify the identity of all of their customers. Mostly this is done electronically, but all institutions fall back to documents for a proportion of applicants.

Using a specialist third party to verify personal documents is generally a good idea. It means you do not have to trust an organisation whose primary purpose isn't the secure handling of such data. Banks and building societies that try to implement their own systems are often well behind the curve and sometimes shockingly poor at this. It sounds like from the comment about third parties that you had an option to use such a service, but declined this in favour of email.

I prefer the option to use a service like HuYoo (other similar options are available) rather than having to pay to get copies of documents certified and sent through the post, or visit a branch where they exist, which is the usual fallback.

nopersonallyidentifiableinformation

The only option they gave was to reply email with photo ID. I've replied asking if there's another way.

wmb194

nopersonallyidentifiableinformation said:

The only option they gave was to reply email with photo ID. I've replied asking if there's another way.

Can you reply within the app and upload it there? If you open the app and click the top right '?" there's a "Messages" menu option.

nopersonallyidentifiableinformation

Their compliance dept has sent a link to upload through a portal. 👍
Maybe it's because I'm autistic but I now want to ask how long they'll hold it and whether it's password protected... But is that too much to ask?
Shouldn't these bits of information be given as standard this day and age?!

masonic

nopersonallyidentifiableinformation said:

Their compliance dept has sent a link to upload through a portal. 👍
Maybe it's because I'm autistic but I now want to ask how long they'll hold it and whether it's password protected... But is that too much to ask?
Shouldn't these bits of information be given as standard this day and age?!

Perhaps the email is a digest of a message sent via the app.

Generally KYC documentation would be retained throughout the time you hold an account and for 5 years after you close it. You can find more details at https://www.gov.uk/guidance/money-laundering-regulations-your-responsibilities#record-keeping-requirements

There are requirements from the FCA around securing personal information about customers.

nopersonallyidentifiableinformation

Ah that's really useful to know, thanks!