Fraudulent Transactions!


#1

I have been defrauded of all the money in my account with only £36.36 left!! How this happened is a MYSTERY to me and I have subsequently blocked the card!! The transactions were done between 8:53pm Fri 13/09 and 11:17am Sat 14/09. A total of 14 transactions were carried out. 12 by one company and 2 by another company.

What baffles me in all this, being an Anti money Laundering Analyst is that I never realised TIDE was such a huge disgrace. The entire company, does not have anything in place to detect suspicious transactions? Wow! So anyone can use my card continuously and you would never send a 10 seconds text (automated or live) to enquire if this unusual purchases (10 in total) was made by me?? As a small upcoming buisness, ALL amounts matter. You are a huge thorn to the financial sector and I will raise a SAR against your bank, escalate it to the FCA and to the National Crime Agency! It is evident you are aiding FRAUD in your bank and I have beyond reasonable grounds to suspect this.

Tide’s banking services are provided by PrePay Solutions who are regulated by the FCA which means you’re FCA regulated as you would have to abide by the law of whom you are governed by. What covers them also covers you. A drill down into Tide Platform Limited shows a lot of inconsistencies!! The community has clearly shown FRAUD is a NORM here!! That’s a huge flaw! The size of your buisness and the amount of Reported fraud cases is perplexing to say the least.

I will be very interested to see how this would play out. I detected this fraud HOURS after it has been carried out which is within the time frame for you to contact the 2 organisations a fraudulent transaction has taken place. I’ve not heard back from your team at the time of this msg! This money was supposed to pay for my rent and storage today. I have a job tomorrow and clearly my storage would be locked if I don’t make a payment by 5pm tonight. Atrocious!

I’m most overwhelmed why I didn’t carry out an enhanced due diligence before going ahead to open my bank account with you. Should I have done that either prior or during my banking relationship with you, I would definitely not be typing this long message on a forum. I need my money back ASAP!!


#2

Barbara from TIDE messaged me in the app and falsely claimed a colleague explained transactions are pending. No one did. Also she said the bank ‘needs to wait for those pending transactions to clear, this is just in case the merchant decides to refund the transaction or the transactions may expire and the funds would be returned to your account. Transactions can take up to 7 working days to clear, we will continue to monitor the transactions so that if they do clear we can then issue a refund’

FCA RULES ON MONEY DEFRAUDED ON MY ACCOUNT
‘In most cases the bank must refund the payment without undue delay and by the end of the business day following the day on which it became aware of the problem, unless it has reasonable grounds for suspecting that you have acted fraudulently.’

You’re a complete joke as an institution! Are you telling me your staffs are not trained on industry requirements?? I’m in awe!!


#3

Hi @BLSignatures thanks for your feedback.

Our priority is to keep our members and their money safe, and to ensure that Tide accounts are not being used for illicit activity. We don’t do this just because of our regulatory obligations, we feel a moral duty to fight financial crime and think that financial institutions and fintech companies have an opportunity to make a much wider societal impact.

You can read more about our efforts here: https://www.tide.co/blog/keep-your-business-safe/how-tide-works-with-other-fintechs-to-keep-you-safe/.

We have sophisticated systems in place to detect suspicious activity on our members accounts, and our members are protected against fraudulent transactions made on their Tide MasterCard. Unfortunately, it’s impossible to get fraud detection 100% accurate all the time so sometimes our members will discover unauthorised transactions- this is the case for high street banks too.

We can assure you that situations where fraud occurs are always treated with the utmost urgency. If you’ve encountered a fraudulent payment, it’s important to contact us so our escalations team can assist you as quickly as possible.

Our Member Support team strive to deliver fast and effective solutions to all our Members so we are disappointed this was not the case for you. I can see that you have been in touch with our Fraud team. If you do have any other questions, please reach out to the team using the in-app chat.

Thanks,
Nick