Fighting financial crime at Tide


#1

Hello Members,

At Tide, we are on a mission to revolutionise business banking and save you time and money so that you can focus less on boring admin and more on running your business. But there’s another very important layer to our mission that you won’t see on our tube ads or marketing promotions - how Tide tackles financial crime.

Above all, our priority is to keep your money safe and ensure that Tide accounts are not being used for illicit activity. Tide employees are trained to understand the risks and spot the signs of different types of financial crime - from fraud and tax-evasion to money laundering and terrorist-financing. The entire team (there are more than 80 of us now!) is up to speed with the trends and tactics used by financial criminals. We combine these human processes with the latest smart technology to detect fraudulent documentation and use machine learning to help us to detect suspicious activity. We strongly believe that as an agile technology company we are well-placed to implement the best solutions and trace anything suspicious quickly.

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.

We pride ourselves on the fact that business owners can be up and running with a Tide account in five minutes. However, in some cases where we feel further checks are needed, we might need a little longer to open an account. There’s no need to be alarmed if you are a legitimate user! This just means we are asking a few more questions that will help us to better understand your business from the outset. We’ll also be in touch if a transaction doesn’t seem to fit with your normal activity. Just know that we are doing this for the greater good :slight_smile:

Tide exists to make business banking easy and accessible but not to those who want to do harm.

Laurence T
Head of Risk


#8

As a happy customer of Tide these message worry me. I went away from HSBC because of practices like this, and now it seems Tide is going the same route of just freeze accounts?

Since I’m a small business owner (and parent) this terrifies me to think Tide can just freeze your account with no notice or apparent reason.

What guarantees can Tide give me that when an account is frozen. which procedures are followed, and how I can hold Tide accountable if it turns out to be unlawlful?

Not that this has happened to me at all, but the “account blocked/frozen” messages seem to be pop up more lately.


#9

Ive stopped using my Tide account and have gone back to using my Santander. Kept Santander open just incase.

There are more people coming forward with this problem where their accounts have been blocked with no reasons given. Check Tides facebook out.

Paypal are bad but they at least complete a full review in 2 or 3 days. With Tide you’ve got people waiting weeks with messages in the in-app chat being ignored.

My account was also not blocked or frozen but I cant risk my business with poor customer service.


#11

Hi Callaars, thanks for your message and for reading this blog. I want to reassure you that account closures are the exception not the norm at Tide.

We can’t completely avoid having to suspend accounts in some cases while we request further information but this is rare. While this may seem worrying, this procedure is however in line with payment industry regulations and our terms and conditions. Tide will never unlawfully block or close a Member’s account.

It is not illegal for us to do this but it is illegal for us to discuss specific cases.

We’re grateful for your support and continued trust in Tide.


#12

I’m glad to hear that, thanks for the explanation.


#13

I have been pursuing a small amount just over £75 for over 3 months from you and the last message was basically…sorry ask the merchant where the card was used for the money!! Thanks tide but time to go to another provider


#14

Hi Chris,

I’ve replied to you on your other post here.
Valentine


#16

Hi,

My card has been used fraudulently whilst I was on a full time residential course in New Zealand.
I have reported this many times and the responses I am getting from the tide team are not dealing with the issue / ignoring me.
It’s utterly distressing- the responses are saying that I will get a new card and that there is some money in the account.
I am being ignored by Tide whilst someone has been using the card details to make multiple fraudulent online purchases. These purchases are clearly out of the ordinary and the response from Tide is not what you have outlined in your blog post.
Please advise


#17

Hi there,

We’re so sorry to hear about your bad experience.

Our help team has been in touch through the in-app chat and they will be able to further assist you as soon as you get back in touch. Please rest assured that we are on the case as high priority and that your card was blocked by our Compliance team as soon as they noticed unusual activities.

In case you have to freeze your card in the future, you can always do so, as well as cancel and reorder a card directly from the app. Just tap the card icon on your home page.

Once again we would like to truly apologise for the experience you have undergone. Please do let us know if you have any questions about this or if you would like us to give you a call, we’d be happy to!

Valentine