Forum: money.stackexchange.com
Tags: <scams><online-banking><sugar-daddy>
Title: Sugar daddy wants my online banking login info to make deposits — is it a scam?
Question: Someone is offering to pay me in a sort of sugar daddy/sugar baby arrangement. They want to make online deposits to me, and they're asking me for my online banking username and password. Is that information alone enough for them to be able to take my money out of my account, or am I safe?

Answers:
sents: text: they're asking me for my online banking username and password.
text: is that information alone enough for them to be able to take my money out of my account, or am i safe?
text: They don't need that information to deposit funds to your account, and having that information will allow them to take money out of your account.
text: You are being set up to be robbed.
text: In the fine print of the terms of service with your bank you probably agreed not to give your password to anyone else , so if your account gets emptied the bank may not be very sympathetic.
text: Do not give your bank password to anyone, and be extremely suspicious of anyone who asks for it.
answer_details: author: money.stackexchange.com/users/3404/Charles E. Grant
score: 296
sents: text: In addition to the simpler "it's a scam" answers, part of the sugar daddy arrangement is control.
text: If the sugar daddy doesn't get what he wants, he should have control of the sugar baby account to take back his money or re-assert control.
text: This ranges from controlling the bank accounts to having control of credit cards or paying rent.
text: If he isn't kept happy, he has an immediate ability to terminate access to housing, transport, and money.
text: Conceivably the sugar daddy could simply set up access to one of his accounts for you, but that weakens his level of control as compared to controlling your accounts.
text: Him cutting you off from your money puts the power in his hands.
text: Another aspect of control is also surveillance.
text: If the sugar arrangement is exclusive the daddy will want to see accounts to make sure it is exclusive.
text: To be clear - I think
text: answers that this is simply a scam to steal your money are more likely.
text: However there is an additional insidious angle with the sugar daddy arrangement.
answer_details: author: money.stackexchange.com/users/4522/Freiheit
score: 75
sents: text: OF COURSE it is a scam --- DO NOT give ANYONE your banking login -- to pay money TO you,
text: all they need is your bank account number (8 digits) and sort code (6 digits) - NOTHING ELSE.
text: If he's asking for your login, he wants to STEAL your money.
text: As others said - stay away / report to police.
text: Good luck
answer_details: author: money.stackexchange.com/users/73916/Mike
score: 16
sents: text: Criminals seek people who want to give or sell their bank accounts so that they can use the accounts for money laundering.
text: One such group are students who are known to sell their accounts on after they graduate.
text: Once the criminal has a bank account they can insert money into the financial system and make it appear legitimate.
text: Don't do it, report it to the bank immediately.
answer_details: author: money.stackexchange.com/users/73890/Graham
score: 14
sents: text: First, you really need to explain more about this "sort of sugar daddy/sugar baby arrangement".
text: Have you signed up for one of the sites that set up such arrangements?
text: Do you know the person?
text: Negotiated details of your "arrangement"?
text: Given them a taste of the "sugar"?
text: If not, then why would you think Daddy is going to be interested in paying you (yet).
text: Second, and the smoking gun that this is a scam, you don't need the bank account password to make deposits, just the account number.
text: It's possible that a potential sugar daddy might want to pay via bank transfer, just the account number.
answer_details: author: money.stackexchange.com/users/24392/jamesqf
score: 2
sents: text: Unfortunately I have seen "legitimate" online services that verify your account details via your username and password: Online money management applications: Do you trust Mint.com or Quicken Online, or other personal finance tools online?
text: This is a terrible idea and you shouldn't do it, but it does make it possible that your correspondent isn't scamming you.
text: (There is, of course, still a decent chance that he is scamming you after all.
text: Certainly he could use that information to do so.
text: But it's not the only possible explanation.)
answer_details: author: money.stackexchange.com/users/36430/Ben Millwood
score: 1

Summary of the answers:
Having that information can let them take money out of your account. You will have agreed with your bank not to give your password to anyone. All they need is your account number and sort code. He might be doing it so he can keep control and take back the money at any time.
If anyone is asking for your log in this is probably a scam and they want to steal your money. They don't need that information to deposit funds to your account, but having that information will allow them to take money out of your account. Also, in the fine print of the terms of service with your bank you probably agreed  not to give your password to anyone else , so if your account gets emptied you will have no come back. Criminals also seek out people's bank accounts so that they can use the accounts for money laundering. There is also control at play here - if the sugar daddy doesn't get what he wants, he wants control of the sugar baby account to take back his money or re-assert control.