In recent months we’ve noticed fraudulent payments from TSB customers have soared disproportionately to all other banks. How disproportionately? Well this graph should tell you how much.
That is not a mistake.
100% of all fraud on Solidi comes from TSB
We’ve not had a single fraudulent payment from any other bank.
Fraud, while rare, is a big issue for Solidi and our brokers. Although brokers are the victims, they will invariably have the payments returned to the senders and have their bank account closed, affecting their business and livelihoods.
At the current level and in particular with all fraud coming from a single bank, we have reluctantly decided to take action.
As of today, it is with regret that we must announce that all payments from TSB accounts will be blocked and returned unless the customer has gone through the full Solidi Identity verification process.
Getting Identity Verified on Solidi is simple, see here for more details.
We have reached out to TSB to attempt to understand what the problem is on their side. In particular we need to know why their security systems are letting though so many fraud payments – are the fraudsters bypassing TSB’s two factor authentication or is this an unusual form of Authorised Push Payment fraud? Most importantly, how can we work together to combat this?
Unfortunately, TSB has not responded to our requests.
Stamping Out Fraud
It has been Solidi’s mission from day 1 to build the safest fastest and most secure exchange in the UK. We take the security of our customers data and funds very seriously.
We’ve very proud of being the safest crypto exchange in the UK. Our confirmed fraud rate is around £2.50 per million in transactions – 300x lower than credit and debit card fraud and 10x to 1000x lower than the fraud rates on all other platforms in the UK.
We hope to be able to unblock payments from TSB accounts as soon as we have received an explanation from TSB and we thank our customers for bearing with us.