Shieldpay - Anyone had any experience of them?

[Diver Fred]

Had a eMail from them as I'm a recipient of the VW payout. The lawyers are using 'Shieldpay' to transfer the money to us. To get that we have hand over our 'Online' bank details to them. My bank hsn't heard of them and they are concerned with the amount of information this unknown company wants.

Thoughts?

 

[Trazor]

You need to read this......

Shieldpay is rated "Great" with 3.9 / 5 on Trustpilot

Do you agree with Shieldpay's TrustScore? Voice your opinion today and hear what 157 customers have already said.

uk.trustpilot.com

 

[conny]

If your bank hasn't heard of them I would be a bit concerned. Ignore anything on Trustpilot. It's known to be 'slightly untrustworthy' shall we say?

I would not pass over any personal financial details to anyone involved in a multi-million pound pay-out who was not recognised by your bank.
You could ask your bank to check them out for you but I don't think they do this sort of thing. You could of course do your own research but be very careful what information you trust.

 

[securespark]

Why on earth don't they do what most solicitors do and send a cheque?

 

[Odds]

Because a cheque takes days to clear and most tradesman don't like them nowadays. It's easy enough to swipe a credit card.
I found this review by Fintech and suggests your bank may not be adequately set up to deal with this system of payment, so they're reluctant to use it.
Shieldpay conducts identity and money laundering checks; only releasing funds when both parties agree that the transaction is successful.
More info here about the Barclays Accelerator used in developing the app. And company information here...
It looks legit to me, but i've had no dealings with them - although sometimes i order online and the company uses payment systems i'm not familiar with but have had no problems..."touch wood".

 

[Diver Fred]

Why on earth don't they do what most solicitors do and send a cheque?

That's what I'd like to know. So simple, I'd know I had the money, not had to put my bank details out on an unknown system with unknown degrees of security. OK so they have a lot of people to give payouts to but even so it feel like this opens us to scams and frauds.

 

[Stivino]

I would dig my heels in and try to get them to send a cheque.

 

[Odds]

That's what I'd like to know. So simple, I'd know I had the money, not had to put my bank details out on an unknown system with unknown degrees of security. OK so they have a lot of people to give payouts to but even so it feel like this opens us to scams and frauds.

Banks and businesses are trying hard to end paper transactions as much as possible. Cheques are s0 Eighties - who hasn't muttered when someone takes time to write one out at a supermarket checkout?
I understand your reluctance, as they do open people up to scams but then so do cheques, anything can be scammed with imagination.
Try to relax and embrace the modern world.

 

[mattylad]

Setup a new bank account just for this.
Give them details of that.

 

[ETAF]

what details are they after all they need to do a bank transfer
Sort code
Account number
and some banks, like my natwest also want the name of the account as an extra verification

a lot of business sole traders put those details on there invoices or even on the web for payment.

anything else asked for i would then be cautious

 

[Diver Fred]

what details are they after all they need to do a bank transfer
Sort code
Account number
and some banks, like my natwest also want the name of the account as an extra verification

a lot of business sole traders put those details on there invoices or even on the web for payment.

anything else asked for i would then be cautious

not only do they want us to provide Sort code, Account number and name of the account*.

They want us to have 'Online Banking' and - logon to our online account via their portal or a copy of a recent bank statement. Which is why many people think this is a scam and the banks are recommending we don't do logon via Shieldpay's portal.
In my opinion if Shieldpay wish to be seen as a 'trusted' party then they need to inform the banks and get all the banks 'buy-in'.

* Online banking now does 3-way checks Sort Code, Account Number and account name, previously only did sort code and account number, although adding the name was done as well it was a never checked detail which did lead to a lot of fraud.

 

[ETAF]

They want us to have 'Online Banking' and - logon to our online account via their portal or a copy of a recent bank statement. Which is why many people think this is a scam and the banks are recommending we don't do logon via Shieldpay's portal.

ridiculous, just looking to get volume of uses , may help with public relations , share holders etc
"we now see a huge growth with over xxx million uses look what a great bank we are ...."
Not because you want to join the bank but to get what you owed
its regulated by FCA- Shieldpay Limited is authorised and regulated by the FCA as a payment institution. Authorised Payment Institution Since 14/05/2018
A search on FCA , also show them registered and also used to be Paycast Ltd

 

[Odds]

I suppose the money is coming from Germany so they'll have to use a system like Shieldpay, since the UK has left the EU. Another consequence of Brexit, i'm afraid. I know of a couple of online sellers have done the same thing and use something like Viva Wallet.