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I feel like the banking industry needs to catch up here: in this day and age with digital fraud being easy and getting easier, they should be able to reverse an

I feel like the banking industry needs to catch up here: in this day and age with digital fraud being easy and getting easier, they should be able to reverse any transfer internationally. This will fall apart when we get to cashing out downstream, or buying physical goods that are on-demand manufactured/shipped, or stock market trades, but a large percentage should be recoverable in $large cases and (outside of certain sophisticated patterns) the receiver of the money who spent it should be on the hook for the difference. 30m unrecoverable as yet is just silly.

omouse 11y ago
Interestingly enough, the original goal for PayPal as Elon Musk articulates it is that they would end up as infrastructure for all digital transactions which would make fraud much more difficult. All the fraud issues seem to be at the intersection between different methods of transfers. Wire transfers can involve multiple banks and the information for them can be shoddy; there's too much room for error and the whole authentication issue, ugh. Paypal or now bitcoin (or the blockchain at least) as the main infrastructure would definitely reduce fraud and errors.