Lloyds Security

dosh37

I asked this question back in May 2024 but have still not found an answer...

https://forums.moneysavingexpert.com/discussion/6528702/lloyds-security/p1

Following recent interest rate reductions I want to transfer funds between a number of savings organisations. In most cases the transfer has to be via my linked current account.

Lloyds has a daily faster payments limit of £25K so I usually transfer in smaller chunks over a few days.

I managed to make 2 such transfers over 2 days without a problem. On the third day, I had to call Lloyds fraud dept to authorise the transfer. It took a good 20min on the phone. Thinking that the security trigger might be down to not waiting 24hours, I decided to delay the fourth transfer until after the weekend. This morning I had the same problem - another 20min phone call to Lloyds fraud dept.

This week I have another two savings accounts that are reducing their rates. I have not been able to figure out a way to avoid triggering security alerts. Lloyds have been no help whatsoever. Their only suggestion is to visit the bank in person with some sort of ID. For me that means trudging 4 miles.

Placitasgirl

Even going into a Lloyds branch to arrange a transfer over £25k now involves various security checks and calls. 

After selling my house in the summer I went into branch by arrangement to make a number of transfers, all to my own accounts, on the same day. I had to provide my photo ID but also had to go through a fairly lengthy security check list of questions completed by the member of staff on an IPad. This included asking if I had met somebody online who had asked or to whom I was transferring money, whether somebody was waiting outside the branch for me to give them money and the like, the source of the funds in my account etc. 

The third transfer triggered the staff member to call their internal security line and pass me the phone to answer further questions before we were able to proceed. 

To be honest I didn’t have an issue with this; I was in a private room and knew that this was the most efficient way to get the transfers done in one visit. It probably took half an hour or so and was more of an irritation than an inconvenience. 

Ayr_Rage

Just 4 miles, you are lucky to still have a branch so close.

As for security checks, I had a similar issue with Chase, just part of modern banking.

Chief_of_Staffy

The answer is no, there is no way around this. And it will only get worse. Today I was forced to explain to a call handler (very politely as I know they have no discretion or sway in the matter) than I am not a moron, that I do not have dementia, that I understand that if a stranger on the subcontinent instructs me to move money into their account to keep it safe from 'criminals' I should put the phone down, all to pay a miserable £4k to a local business. As I am renovating the entire house I anticipate more of the same for some months to come.

dosh37

Chief_of_Staffy said:

The answer is no, there is no way around this. And it will only get worse. Today I was forced to explain to a call handler (very politely as I know they have no discretion or sway in the matter) than I am not a moron, that I do not have dementia, that I understand that if a stranger on the subcontinent instructs me to move money into their account to keep it safe from 'criminals' I should put the phone down, all to pay a miserable £4k to a local business. As I am renovating the entire house I anticipate more of the same for some months to come.

LOL! Nice to know I am not alone in my frustration.

I realise that banks have to be vigilant these days but surely there has to be a better way.

danco

I remain very annoyed with Barclays who flagged a security issue on my new account when I tried to transfer money into my main account.

I was not concerned that they raised an issue, but I object to them phoning me and saying that because of the issues they had to ask me some security questions. It was a genuine call but a person claiming to be from the bank and asking for some security details could so easily have been a scam.

In my view they should have phoned me, said there were issues, and told me to phone the number on my debit card (which is what I did on my own initiative) rather than inviting me to answer questions. What they did increases the risk of a person being scammed.

Sam_666

Usual box ticking exersise by banks, that will not stop majority of scams.
Increase in bank scrutany is from their libility to refund scammed customers, on amounts of over £100.

wmb194

dosh37 said:

I asked this question back in May 2024 but have still not found an answer...

https://forums.moneysavingexpert.com/discussion/6528702/lloyds-security/p1

Following recent interest rate reductions I want to transfer funds between a number of savings organisations. In most cases the transfer has to be via my linked current account.

Lloyds has a daily faster payments limit of £25K so I usually transfer in smaller chunks over a few days.

I managed to make 2 such transfers over 2 days without a problem. On the third day, I had to call Lloyds fraud dept to authorise the transfer. It took a good 20min on the phone. Thinking that the security trigger might be down to not waiting 24hours, I decided to delay the fourth transfer until after the weekend. This morning I had the same problem - another 20min phone call to Lloyds fraud dept.

This week I have another two savings accounts that are reducing their rates. I have not been able to figure out a way to avoid triggering security alerts. Lloyds have been no help whatsoever. Their only suggestion is to visit the bank in person with some sort of ID. For me that means trudging 4 miles.

It is or was a daily limit per current account so you can open additional and increase the daily limit this way.