We carry out extensive searches on each user to verify their identity and trustworthiness before users are able to transact using Shieldpay. Our searches typically involve more than two sources of data to ensure validity of information. We use third party data providers and have developed processes that have been approved by the Financial Conduct Authority. Users that do not pass our checks are not permitted to transact using Shieldpay.
Fraud in the UK remains a constant threat and one we take very seriously. We built Shieldpay to protect users from potential fraud. We are constantly working to improve our processes and technology.
There are many enquiries, procedures and technologies we use to limit the risk of fraud.
We pull data from a number of data providers and use two leading UK fraud detection systems. These provide us with indicators of potential fraud. Most major financial institutions in the UK use these systems for a comprehensive and sophisticated defence against fraud. The systems provide access to a centralised database that cross-references borrower information across their network of participant members.