Yes it's perfectly safe to give out your bank details.
Please send them to me ASAP as I have $25million to transfer to your account.
Signed General Robert Patrick Sogaluweyo
PO Box 1234
Lagos
Nigeria
So you'd be quite happy to post your bank account number and sort code here on DS? (And if not, then why not?)
No, of course we wouldn't.
There is a big difference between posting personal information to a public forum and giving out the same personal information to someone with a legitimate reason for asking for it. Security and safety are both relative and rarely black and white.
Now if the OP has a genuine reason to distrust this person then they shouldn't give out that information but if they just mean they are a stranger and they don't know them then it should be quite safe.
tbh i think theres not a lot they can do with just the acc number and sort code
you would also need their DOB and address to do anything at minimum
also the long number on front of card, card issue number, and security code from back are needed for most transactions that ive done online
i still wouldnt share them with just anyone though
On a number of occasions I have been cold called by insurance companies offering free policies for pet insurance, accidental injury insurance etc. for a fixed period of time, as long as I provide them with my bank details. I don't and ask them to post me a direct debit mandate.
Its funny then how often the offer is only available if I sign up on the spot, or the promised DD mandate fails to materialise.
If you don't know the person, don't provide them with any personal information, however innocuous. Simples.
Years back, my brother was sailing a bit close to the wind with the tax people due to his being self-employed.
If he did a job and was paid cash, he'd declare some, or none of it, so was cautious in issuing cheques.
He once left it very late in booking a house for a holiday in the U.S.
It was too late to pay by cheque anyway, and he didn't want to use a credit card, so the owner emailed
his bank account number and sort code, and he paid the cash into that.
He is a reformed character now and is straight as a die with the tax man, he says that he can do without
the stress of keep looking over his shoulder.
And that's why you don't give people your credit card number including expiry date and security numbers. But that wasn't the question asked was it?
My point is, that this is also information routinely handed over when you give them your card in a shop, or read out over the phone. Just like the account number and sort-code on a cheque.
You cannot buy things online with a sort code and account number.
But to someone trying to steal your identity, they might be the last missing piece they need.
PS - "only 4 digits away" results in 10,000 combinations.
I believe there are lists of PINs sorted by popularity. You would start with a common one. But I'm not a fraudster and woulnd't know the best way to make use of someone's card details. All the more reason to keep these things private.
I suppose that if one aspect was compromised (say, part of a PIN was known), it's better if the card number wasn't disclosed as well! And on receipts they generally only show the last 4 digits; why is that?
That's already been explained. Everything carries some risk. It's up to the individual to determine the specific level of risk.
Most people are honest. The chances of giving your details to one person who happens to be the kind of person who would abuse that information are very low. Especially if that person has a legitimate reason to be asking for them. One in a thousand(*) perhaps. Putting that information in the public domain means it can be seen by tens of thousands of people and that means it's seen by ten(*) people who want to abuse it.
(*)The figures are for illustrative purposes only. I suspect these are overly pessimistic.
But why not, if there is no risk? (This is aside from the question of anonymity in a forum like this.)
Already very well answered, but just to add.....
If you gave your bank details to, say, a tradesman, and then co-incidentally DDs were set on your account, it'd be fairly obvious where the trail leads back to. In this situation, your bank (or whoever) would almost certainly (I would hope) assist and cover any losses. Post the same info to Lord knows how many DS users might use and abuse it, and you'd have no idea who the culprit is. Whether they'd still cover your losses in this situation I don't know.
Somebody wants to pay me some money directly into my account rather than sending me a cheque, so is it ok to give them my bank account details? I don't fully trust them. Will I be liable if they defraud me (e.g. set up direct debits on my account)?
Thanks for any help.
Whoever it is they cannot access your Bank account. They are simply using their Bank account to make an electronic transfer into yours. Millions of pounds are shifted like this on a daily basis.
The sort code is available on line and is generic to a branch or head office, nothing to do with the account number, the account number, what is anyone going to do with that.
But why not, if there is no risk? (This is aside from the question of anonymity in a forum like this.)My point is, that this is also information routinely handed over when you give them your card in a shop, or read out over the phone. Just like the account number and sort-code on a cheque.But to someone trying to steal your identity, they might be the last missing piece they need.I believe there are lists of PINs sorted by popularity. You would start with a common one. But I'm not a fraudster and woulnd't know the best way to make use of someone's card details. All the more reason to keep these things private.
I suppose that if one aspect was compromised (say, part of a PIN was known), it's better if the card number wasn't disclosed as well! And on receipts they generally only show the last 4 digits; why is that?
The same reason I wouldn't post my telephone number or address on here. It's not rocket science.
Yes it's perfectly safe to give out your bank details.
Please send them to me ASAP as I have $25million to transfer to your account.
Signed General Robert Patrick Sogaluweyo
PO Box 1234
Lagos
Nigeria
89-72-00 Natbust Bank Ligere.
90654321
Thank you B'wana,
I trust you fully and I am honoured. I promise to donate 0.0000000000037% of it to charity, the rest I must retain to cover office expenses. Please do not issue direct debits using that information as my balance is down to under £1million now.
I trust you fully and I am honoured. I promise to donate 0.0000000000037% of it to charity, the rest I must retain to cover office expenses. Please do not issue direct debits using that information as my balance is down to under £1million now.
The banks ought to be able to devise a system where there is a public and a private account number - like psk encryption, or whatever its called. So you can give a stranger your public account number to use to pay you, without compromising your real account number
In Germany a company has to show bank details on every bit of written correspondence, along with directors names!
AFAIK The Business Names Act 1985 means British sole traders and companies should display the full contact details of all of the directors on all written correspondence too.
It's one of these things though.. The Business Names Act seems to be a piece of legislation which is rarely (if ever) enforced.
The banks ought to be able to devise a system where there is a public and a private account number - like psk encryption, or whatever its called. So you can give a stranger your public account number to use to pay you, without compromising your real account number
Good idea. Or perhaps accounts which can only receive funds?
The banks ought to be able to devise a system where there is a public and a private account number - like psk encryption, or whatever its called. So you can give a stranger your public account number to use to pay you, without compromising your real account number
I don't know enough about banking systems, fraud, computer security and hacking, etc etc to be confident that my bank details cannot somehow be used to covertly take money out of my account. Maybe you do.
But perhaps having an account number that can only be used to pay in money, would inspire more confidence. (BTW didn't I patent that idea in post #14...?)
After all when I do need to authorise a transfer out of my account, my sort code and account number are also pretty much all that are needed!
When I lived in Brussels it was pretty standard for people to give out their bank details. I paid most of my bills or just money I owed after a night out or something by using their bank details at the hole in the wall. Never had any problems and always felt their bank system was way in front of ours.
After all when I do need to authorise a transfer out of my account, my sort code and account number are also pretty much all that are needed!
No, you need rather more than that (in my case, I'd need my online login name, password, PIN, and to approve it via a text message - my account number and sort code wouldn't even come into it). The exception is paperless direct debits, and as explained above (and here) there are adequate restrictions on who can set those up and what for.
Comments
Please send them to me ASAP as I have $25million to transfer to your account.
Signed General Robert Patrick Sogaluweyo
PO Box 1234
Lagos
Nigeria
There is a big difference between posting personal information to a public forum and giving out the same personal information to someone with a legitimate reason for asking for it. Security and safety are both relative and rarely black and white.
Now if the OP has a genuine reason to distrust this person then they shouldn't give out that information but if they just mean they are a stranger and they don't know them then it should be quite safe.
you would also need their DOB and address to do anything at minimum
also the long number on front of card, card issue number, and security code from back are needed for most transactions that ive done online
i still wouldnt share them with just anyone though
Its funny then how often the offer is only available if I sign up on the spot, or the promised DD mandate fails to materialise.
If you don't know the person, don't provide them with any personal information, however innocuous. Simples.
If he did a job and was paid cash, he'd declare some, or none of it, so was cautious in issuing cheques.
He once left it very late in booking a house for a holiday in the U.S.
It was too late to pay by cheque anyway, and he didn't want to use a credit card, so the owner emailed
his bank account number and sort code, and he paid the cash into that.
He is a reformed character now and is straight as a die with the tax man, he says that he can do without
the stress of keep looking over his shoulder.
I suppose that if one aspect was compromised (say, part of a PIN was known), it's better if the card number wasn't disclosed as well! And on receipts they generally only show the last 4 digits; why is that?
Most people are honest. The chances of giving your details to one person who happens to be the kind of person who would abuse that information are very low. Especially if that person has a legitimate reason to be asking for them. One in a thousand(*) perhaps. Putting that information in the public domain means it can be seen by tens of thousands of people and that means it's seen by ten(*) people who want to abuse it.
(*)The figures are for illustrative purposes only. I suspect these are overly pessimistic.
So might your name and address, but you'd still give them out if you wanted someone to send you a cheque.
If you gave your bank details to, say, a tradesman, and then co-incidentally DDs were set on your account, it'd be fairly obvious where the trail leads back to. In this situation, your bank (or whoever) would almost certainly (I would hope) assist and cover any losses. Post the same info to Lord knows how many DS users might use and abuse it, and you'd have no idea who the culprit is. Whether they'd still cover your losses in this situation I don't know.
Rules are changing in the online world
Someone stealing your ID would do it in depth
The bank account number and sort code would be added to by other means
I keep a nil balance savings account that doesn't permit PAPMs (you can open one instantly with most normal banks).
That way, it's only good for incoming payments. To transfer out, you have to do an internal transfer to your current account.
I think you're missing the point.
The same reason I wouldn't post my telephone number or address on here. It's not rocket science.
89-72-00 Natbust Bank Ligere.
90654321
Thank you B'wana,
I trust you fully and I am honoured. I promise to donate 0.0000000000037% of it to charity, the rest I must retain to cover office expenses. Please do not issue direct debits using that information as my balance is down to under £1million now.
89-xx-xx Is allocated to Santander
AFAIK The Business Names Act 1985 means British sole traders and companies should display the full contact details of all of the directors on all written correspondence too.
It's one of these things though.. The Business Names Act seems to be a piece of legislation which is rarely (if ever) enforced.
Why? When there's minimal risk anyway?
I don't know enough about banking systems, fraud, computer security and hacking, etc etc to be confident that my bank details cannot somehow be used to covertly take money out of my account. Maybe you do.
But perhaps having an account number that can only be used to pay in money, would inspire more confidence. (BTW didn't I patent that idea in post #14...?)
After all when I do need to authorise a transfer out of my account, my sort code and account number are also pretty much all that are needed!
No, you need rather more than that (in my case, I'd need my online login name, password, PIN, and to approve it via a text message - my account number and sort code wouldn't even come into it). The exception is paperless direct debits, and as explained above (and here) there are adequate restrictions on who can set those up and what for.