Has plum been hacked?

I’m getting emails from someone claiming to be from plum asking me to send payslips and bank statements. Supposedly to check the source of funds. No other investment platform has ever done this.

And the system won’t let me withdraw funds this morning.

Anyone else in this boat? Has something gone wrong and should we be concerned about a data breach?

These people have a massive compliance issue. They randomly block access to your money it would seem and then claim it’s FCA compliance. It’s not. It’s that they don’t understand the KYC guidelines.

This platform is ok if you want to save small amounts. It is not a serious investment platform.

Hi there!

Plum has not been hacked, we are following the relevant procedures to help you keep your money safe!

Kindly note that, as a regulated institution, we are bound to follow certain rules issued by supervisory and regulatory bodies (such as FCA Guidance FG 17/6 and EU AML Directive 2015/849). In accordance with our General Terms & Conditions par. 2.5.4.(4). ‘’ As a condition of receiving access to the Products and Services, you shall […] provide all such documentation or information as may be reasonably required by Plum to ensure its compliance with applicable law and regulation, including, but not limited to, information to verify your identity and failure to do so may result in the termination of your Account in accordance with the provisions of these Terms.’’

This requests are legitimate and you can also confirm it by checking the in app request you get right after the request is sent to your email/app chat.

I would like to clarify that there are no compliance issue in the contrary we are following the regulation and steps that most be followed. As a serious investment platform we have to make sure the source of the funds.

I can see that the compliance team has already contacted you and inform you on how to proceed in case you do not wish to provide the documents, once there is an update they will inform you.

Thank you.

Yes I have encountered this already when I tried to deposit a significant amount into my account , the money laundering check are for our safety and Plums , yes they take a few days but that way we know that Plum are obeying the rules and if you are legit , you can prove it.

1 Like

Agreed. The odd thing is that even though they at first say a UK bank statement is acceptable and you point out that they have access to that via your linked account that the compliance people then change the rules and start making it up as they go along and start asking for payslips and employment contracts! The FCA guidance states where there’s a low risk of ML that funds simply coming from another UK regulated account are enough. But they change Trevor mind each day. We’ll see what the FCA have to say about this in due course. Ignoring ML guidelines and withdrawing access to funds and forcing clients to sell investments and move them outside of an ISA doesn’t really ring true with TCF either. Not convinced Plum really have the experience in their team to deal with large investors. More of a toy system.

Yeah to quote you my example , I was made redundant and wanted to put circa £30K into Plum for a better interest rate than 0.001% . They stopped me dead , but when i tried anything it said “system error” and was allowed no access to any money at all. I had to then prove where the £30K came from and when. I also had £140K profit from the sale of my house which I transferred to investments and my financial advisor still had to prove where it cam from before investing it. Its not just Plum , other institutes do the same . However preventing access full stop was a bad response and should never have happened.

Exactly my point. To withhold funds indefinitely is bonkers. You get little ‘by the way’ emails saying ‘some functionality may be restricted’. What they actually mean is you can’t do anything with your money until you provide us with your inside leg measurement.

Let’s just say you were on holiday for a couple of weeks when they first mail (like I was so didn’t see it) and a Covid type market change happened while your account was restricted. Bet they wouldn’t be for plugging the loss on your assets?

Try to call them? No number! It’s a serious issue.

Ha ….I was on holiday and couldn’t do anything so all in all it took two weeks . It’s a good job I had some other cash somewhere else.

That was my issue. I needed to withdraw to pay some trades people I had. The t&c state you can have your cash same day. Not so. They can randomly restrict your account.

Also what’s weird is that while they’re messing around they continue to take monies from your account. So if it really was about ML then surely they would restrict the deposit of funds rather than the withdrawal? But maybe that’s because the profits comes from leaving monies in various partner accounts while it takes days for funds to clear to the customer when other banks can do such transfers (even cross border) instantaneously.

Hey. Update. I’m still waiting to get my money back and even worse still waiting to get any sort of explanation from Plum. Been over a month now. They’re a disgrace.

We can see that your case is handled by the relevant teams which are in close and ongoing communication with you. As previously explained, Plum is a regulated institution and obliged to follow certain rules issued by supervisory and regulatory bodies and conduct ongoing checks. Since you are in contact with the relevant teams, we will not provide any other details or response under this public post for ensuring that your personal data and details are fully protected and not exposed. Our agents will keep you updated and reach out to you with an update.