Giving bank details to buyer. Is it safe?!

hallo dare · 10-09-2014 7:10pm #1

I'm selling an item online and the seller wants to go to a branch of the bank i use to make the payment. He has asked for my name, address, bic and iban numbers.

Is this safe?, as in, can he clear out my account by claiming to be me by using all these details or is it now a safe way to bank?

Thanks

refusetolose · 10-09-2014 7:12pm

no way

Zamboni · 10-09-2014 7:17pm

Under no circumstances give out this information to an online randomer.

You've been warned :-)

hallo dare · 10-09-2014 7:20pm

Thanks guys. I had my suspicions

Rob Thomas · 10-09-2014 7:22pm

Its absolutely safe to give your IBAN and BIC to someone as long as you are happy with the intentions of the person you are giving the info to.

Many companies now freely quote their IBAN and BIC on invoices to customers. Bank transfer is an acceptable way now to make payments and it's only getting more widespread.

If a rogue wants to use your IBAN and BIC to in some way defraud you, then they will still have to get past your Bank's own security requirements.

Think about it, for years people have given people cheques which contain their bank code, account number and the full title of the account and they havnt been cleaned out.

spurious · 10-09-2014 7:22pm

hallo dare wrote: »

I'm selling an item online and the seller wants to go to a branch of the bank i use to make the payment. He has asked for my name, address, bic and iban numbers.

Is this safe?, as in, can he clear out my account by claiming to be me by using all these details or is it now a safe way to bank?

Thanks

Is the buyer in Germany? They tend to use bank transfers a lot. Have not had an issue to date.
He would need substantially more than your account number and name and address to clear you out.
The BIC and IBAN can both be generated from your account number.

hallo dare · 10-09-2014 7:24pm

spurious wrote: »

Is the buyer in Germany? They tend to use bank transfers a lot. Have not had an issue to date.
He would need substantially more than your account number and name and address to clear you out.
The BIC and IBAN can both be generated from your account number.

The buyers here in Ireland

spurious · 10-09-2014 7:26pm

hallo dare wrote: »

The buyers here in Ireland

I honestly wouldn't have an issue with it for my own account.

greendom · 10-09-2014 7:27pm

hallo dare wrote: »

The buyers here in Ireland

Does he need your name and address to deliver the goods? If not these are unnecessary

Zamboni · 10-09-2014 7:28pm

http://news.bbc.co.uk/2/hi/7174760.stm

There are alternative ways of making/taking payments without providing this information - why take the risk at all?

triggermortis · 10-09-2014 7:28pm

Its totally safe - and normal here in Switzerland to give those details out

hallo dare · 10-09-2014 7:48pm

I think for peace of mind I'll ring the bank in the morning and see from there. Thanks to all for the replies

10-09-2014 8:07pm

I think I already know what the bank will advise you and the answer is no, you should not be giving your bank account details out online to some unknown person.

The fact that you posted this thread here means you already had reservations about the idea. Listen to that little voice inside you that is telling you no (Ask him about paying you through Paypal instead or else walk away from the deal). If however you do wish to go ahead and possibly become another victim of fraud then that is ultimately your choice.

BuffyBot · 10-09-2014 10:05pm

As safe as pretty much any other way for the person getting paid, but there is little to no need for your address

Companies give out these BIC/IBAN's all the time. Government departments do it. Individuals in other European countries have been doing it for years. Even educated fleas do it. Well perhaps not the last one, but that's because they have trouble hitting all the keys when typing it out.

Our sort code and account numbers have been on cheques for years, which is effectively the same information. Folks have been gladly dishing them out for years..

coylemj · 10-09-2014 10:16pm

Deleted User wrote: »

I think I already know what the bank will advise you and the answer is no, you should not be giving your bank account details out online to some unknown person.

Have you ever written a cheque and handed it to a person you've only just met? That piece of paper contains all of the same data.

Bank of Ireland has a system whereby someone can transfer money simply using the recipient's mobile phone number....

This new service enables Mobile Banking App customers to transfer money to any registered Bank of Ireland account simply by knowing the mobile number of the account holder. It's a fast and secure way of sending money to family and friends.

Mobile Banking App customers are required to update their App on either the App Store or Google Play Store and accept new terms and conditions to avail of this service.

https://www.bankofireland.com/mobile-banking-pay-to-mobile-faqs/

spurious · 11-09-2014 12:01pm

What did the bank say?

SpaceTime · 11-09-2014 12:03pm

The banks should give people 'paying in numbers' that aren't your full bank account number - I mean it couldn't be used for withdrawing funds or setting up direct debits.

spurious · 11-09-2014 12:24pm

I don't understand how I could do anything dodgy with someone's account with only the account number.

hallo dare · 11-09-2014 2:36pm

Now, I was talking with my Bank earlier (PTSB).

Basically it's completely safe to give someone your details, as in Name address, BIC and IBAN number when doing a bank transfer.

They said that the address isn't really necessary to give out, but it makes no difference.

There's absolutely no way that anyone can access your account with just these details as they are just simply used for lodging money into that account.

11-09-2014 4:04pm

SpaceTime wrote: »

The banks should give people 'paying in numbers' that aren't your full bank account number - I mean it couldn't be used for withdrawing funds or setting up direct debits.

Your IBAN can't be used for withdrawing. And while it can be used for setting up direct debits, it's relatively trivial to reverse and cancel those

coffee_cake · 11-09-2014 4:06pm

spurious wrote: »

I don't understand how I could do anything dodgy with someone's account with only the account number.

Set up a direct debit , I think

Ri_Nollaig · 11-09-2014 4:11pm

bluewolf wrote: »

Set up a direct debit , I think

Happened to Jeremy Clarkson a few years ago

http://news.bbc.co.uk/2/hi/7174760.stm

11-09-2014 4:32pm

Personally I still would not like to give out this information to just anyone but if your bank says its ok then by all means go right ahead.

coffee_cake · 11-09-2014 4:34pm

Ri_Nollaig wrote: »

Happened to Jeremy Clarkson a few years ago
http://news.bbc.co.uk/2/hi/7174760.stm

I was trying to remember who it was!

coylemj · 11-09-2014 5:28pm

Ri_Nollaig wrote: »

Happened to Jeremy Clarkson a few years ago
http://news.bbc.co.uk/2/hi/7174760.stm

That would qualify as a prank as opposed to fraud since the prankster set up a DD from Clarkson's a/c to a bona fide charity i.e. he/she did not gain a pecuniary advantage benefit from the exercise.

Maybe I'm being a tad naive here but I'm assuming that banks only allow DDs to be set up for the benefit of pre-existing businesses and charities.

11-09-2014 5:35pm

coylemj wrote: »

That would qualify as a prank as opposed to fraud since the prankster set up a DD from Clarkson's a/c to a bona fide charity i.e. he/she did not gain a pecuniary advantage benefit from the exercise.

Maybe I'm being a tad naive here but I'm assuming that banks only allow DDs to be set up for the benefit of pre-existing businesses and charities.

Still possible to gain an advantage from it e.g. use someone else's details to pay your bills to businesses that are set up for DDs.

Again though, trivial to reverse, and high-risk for the fraudster

dohouch · 11-09-2014 6:48pm

Back in 1981-1986 I drove a taxi in Frankfurt, Germany. Now and again I would be asked to do a fare without the customer having the cash, or worse after the run had been finished. Customer would want me to pick up money from him (never a her!) the next day at home or at work.
As the amount involved was generally in the region of €5 to €8, it simply wasn't worth my while to drive for a half an hour to MAYBE pick up the debt.

I would give them my account number and tell them to pay it, if they were genuine.

About half did.

Rob Thomas · 11-09-2014 7:01pm

28064212 wrote: »

Still possible to gain an advantage from it e.g. use someone else's details to pay your bills to businesses that are set up for DDs.

Again though, trivial to reverse, and high-risk for the fraudster

I think with the advent of SEPA your Bank will send you a notification confirming setting up of any new DD instruction set up from your account, prior to the first DD being debited.

coylemj · 11-09-2014 7:06pm

Rob Thomas wrote: »

I think with the advent of SEPA your Bank will send you a notification confirming setting up of any new DD instruction set up from your account, prior to the first DD being debited.

Wouldn't bet on it. If they didn't do it before SEPA, why would they start now?

They do write to you to confirm when you add a new electronic payee to your mobile banking but I've never gotten a letter to confirm a new DD.

BuffyBot · 11-09-2014 7:06pm

There is inherent risk in practically every modern payment transaction: ATM fraud, PIN surfing, credit/debit card fraud, writing cheques and fake internet banking sites are just some of the ones to come to mine..and yet this chestnut of a question comes up over and over again.

Yes, there is risk. Is it any riskier than others. Not really.

Rob Thomas · 11-09-2014 7:12pm

coylemj wrote: »

Wouldn't bet on it. If they didn't do it before SEPA, why would they start now?

They do write to you to confirm when you add a new electronic payee to your mobile banking but I've never gotten a letter to confirm a new DD.

I'm not fully up on the exact rules but I have received letters confirming new DDs set up. As far as I know, since 2009 you can set up a DD without actually signing a formal DD mandate but in that case, the company or your Bank (don't recall which ) has to send you a letter confirming the new DD. But you may not get a letter if you actually signed a DD mandate.

As I say, I'm not 100% on this.

Giving bank details to buyer. Is it safe?!

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