Forced to move ISA and GIA from InvestEngine, how to proceed?

User51AnonyMouse

Hello,

I have been with InvestEngine for almost 2 years now and have both ISA and GIA, there has been no issues until recently. I've been asked to provide additional documents to confirm source funds, e.g. bank statements and gov ID that I have provided. I thought that will be it, but they also ask me to hold my ID and do a selfie with that ID otherwise they will limit my account. I don't know what 'limit' means. This is of course part of know your customer system.

Normally I do not use social media, I do not have any selfies so it was an odd request for me. I work in technology for over 15 years and I know that once your selfie is out there, its forever no matter what company says, one cannot trust companies nowadays.

I have been with other banks and held investment accounts with other platforms and they never requested a selfie so it's not like it is necessary.

I do not want to be part of this and I responded that I will not provide a selfie, however due to this — I risk my account being closed I think? I am never going to disclose a selfie online, that's my personal choice. I am planning to switch providers and want to transfer ISA and GIA out of the IE platform. Could IE theoretically lock my funds in their platform? Or do I just go to new one and ask them to transfer them for me? Any clarification is appreciated.

Thank you

eskbanker

You've trusted them to look after your money but you don't think they'll process a photo securely?

Anyway, yes, it's your prerogative to go elsewhere (although may find the same process requested when applying) and IE can't block a genuine transfer request…

born_again

It is easy to get someone to take a picture of you on your phone.

Do you have a driving licence or passport?

x44

Scottish Widows wanted exactly this off me when I was selling some old Unit trusts I had with them.

Did as they requested - sent by email and job done: funds released.

aroominyork

It's increasingly common to be asked for ID and a selfie. The provider's system can compare your selfie to the photo in the ID - assume it is through iris recognition but I really don't know - to ensure you are who you say you are. If you are not prepared to do this, perhaps some web/AI research can point you to providers which do not require it. And, like eskbanker says, you are not being asked to post a photo in a public domain.

User51AnonyMouse

You've trusted them to look after your money but you don't think they'll process a photo securely?

It's a valid point :). When you put it that way, it does sort of make sense to just go ahead with the photo requirement. Honestly, after your comment I just realised I value my privacy more over the money that is deposited into the platform. Slightly dumb of me perhaps.

I think my mindset is really on high alert recently due to all the mandatory ID verification for websites in UK. It's a biometric data, something that stays with you forever, which is quite important in my opinion.

If InvestEngine asks me to go to a branch to show my face, I would be more comfortable doing this (if they had branches that is). What makes me uncomfortable is that my face with ID will stay on the system, that's why I don't want this.

Anyway, yes, it's your prerogative to go elsewhere (although may find the same process requested when applying) and IE can't block a genuine transfer request…

Thank you. Yes I know some other platforms like T212 require selfie during registration but others like Vanguard never asked this, so I might try my luck there again.

eskbanker

Obviously nobody wants to jump through hoops that they consider intrusive and/or unnecessary, but financial institutions with more stringent security requirements should actually be seen as a positive thing (within reason!)…

Isthisforreal99

The reality is that it's not just the online only institutions requesting this now. Only yesterday I opened a new Barclays current account to avail myself of the switching bonus and needed to upload my driving licence and a selfie video.

DRS1

I seem to recall having to do something similar when opening a savings account with Ulster Bank (I think). It wasn't take a selfie it was use your computer's camera to take a photo (or a video I forget). But you have to take your glasses off and without them I can't read the instructions onscreen to move closer or further away. What a pain. I think I failed at least once.

vacheron

If you don't want an organisation to hold an image of your face, I assume you also don't have a passport or drivers licence (or any other kind of ID card)?

Selfies may seem odd, and I've never personally taken one of myself except for these identification purposes, but if you look at any online social media account, certain "demographics of the population" seem to have a page composed of nothing but pages and pages of almost identical selfies, all wearing the same ridiculous expression, intentionally posted for all to see in the public domain… yet they don't seem to be any more at risk for doing so.

Most online platforms, especially regulated financial companies, have very secure systems, and if there ever was a data breach, and your image was to be leaked (unlikely though it is) it would also be leaked along with literally thousands of others!

It's like I say to people who constantly go on about companies "getting access to their browsng habits": 99.999% of the population (myself included) are nobody special or famous, and doing nothing of any interest to anyone, so nobody is looking at, or looking for, what we are up to in our daily lives. We are literally lost in a vast sea of mediocre noise, and that noise gets louder every day! 😊

PropertyGuru_Wannabe

I have been with InvestEngine for almost 2 years now and have both ISA and GIA, there has been no issues until recently. I've been asked to provide additional documents to confirm source funds, e.g. bank statements and gov ID that I have provided. I thought that will be it, but they also ask me to hold my ID and do a selfie with that ID otherwise they will limit my account. I don't know what 'limit' means. This is of course part of know your customer system.

What would you feel if someone somehow has obtained your personal data and has used it to hack into your IE online account and steal all your funds? How would IE know that someone is not you without seeing your real photo?