7 ms·
Plaid co-founder here. When users connect their accounts via the Plaid instant verification process, we actually allow developers to get a greater understanding
by zachperret 11y ago
Plaid co-founder here. When users connect their accounts via the Plaid instant verification process, we actually allow developers to get a greater understanding of the user. Via Plaid, you can do things like validate the available balance and check the account owner's identity -- which can significantly reduce the likelihood of ACH fraud.
- rwmurrayVT 11y agoPlease read my response below.
- wesleyfsmith 11y agoAs someone who recently started integrating with Plaid in my app, I can verify that the extra information they give you access to is extraordinarily beneficial to better understanding your user. Also, asking for account and routing numbers is a massive inconvenience to users.
- rwmurrayVT 11y agoUnfortunately, that will only stop people who run around taking photos of other people's checks. Does Plaid provide information about the location the checking account was initially opened or the general location of the account owner's residence? The biggest problem with Stripe is they provide ZERO checks on IP location + billing/shipping zip code, checking the email against known fraudulent email addresses, or shipping location against known drop locations.
- zachperret 11y agoYes, Plaid can help with most of this. You can see the full docs at https://plaid.com/docs https://plaid.com/docs for more details.
- rwmurrayVT 11y agoI have just taken a look at your documentation! It seems very good. I definitely underestimated how advanced you are currently. It'll be interested to see how this plays out. You'll be tested by very smart people. Right off the bat one thing you should really try to change is the lack of MFA by Wells Fargo. You should beg and plead to have them do something. They're by far the most available and cheapest accounts sold online.
- zachperret 11y agoCouldn't agree more.
- rwmurrayVT 11y agoI wish I had the software skills to fill one of your open positions. I'm in love with the subject, but don't quite have the technical skills. I'll hear a lot more about beating your system in the future. I'll pass along whatever I hear.
- anthonys 11y agoAny plans to come to the UK?
- mapgrep 11y agoWait, so if I pay someone with ACH, they get to see how much money is in my bank account? WTF?
- rwmurrayVT 11y agoNo. Plaid does it all in the back end and issues the merchant a "Pass"/"Fail" on verification.
- zrail 11y agoNo. Plaid instant verification uses your bank login info to get the ACH numbers along with current balance, etc. You can't get that just with account and routing number.
- FireBeyond 11y agoYeah, like I mentioned upstream, not sure why any developer should have access to my account balance...
- mateosu 11y agoI mean, these are fintech companies we're talking about here. If you're signing up for these services your generally already deciding to trust the company with personal data. Plus, you still have to login to your online banking with Plaid, it's not like developers have unlimited, unauthorized access to you r account balance and transaction information.
- FireBeyond 11y agoThere's a difference between - "I am paying you with ACH routing and account information" and "The payment platform exposes, to the app, my account balances". A huge difference.
- bharris315 11y agoDo users have to verify using Plaid for every transaction if there are recurring payments? Those seem the riskiest if someone has insufficient funds on a tokenized bank account
- zachperret 11y agoNo. Plaid tokens live for an extended period of time and can be used for multiple balance verifications.
- FireBeyond 11y agoYikes, am I understanding that correctly? I'm hoping "validating available balance" for a dev means "sufficient funds to cover this transaction" (which might not factor in any overdraft facility), and certainly not: "developer can see account balances".
- joshmn 11y agoFraud expert here: How does validating the balance and checking the owner's identity help? When someone's identity and bank credentials are sold (~$15-$300) it's usually very inclusive. MMN, DOB, SSN, previous residences, balances, cards attached to the account, security questions... It's not like people are just selling numbers from a check they found on the sidewalk.