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Instead of banks spending millions on fraud detection how about they invent a system of moving money around that doesn't require you to give your username and p
by mavhc 11y ago
Instead of banks spending millions on fraud detection how about they invent a system of moving money around that doesn't require you to give your username and password to a 3rd party and hope they only remove the amount of money they say they will?
- jadyoyster 11y agoIn many countries with chip & pin you can only pay online using your debit card with a security token generator and your PIN code.
- programmer_dude 11y agoWe have this already it is called Internet banking: https://en.wikipedia.org/wiki/Online_banking https://en.wikipedia.org/wiki/Online_banking and mobile banking: https://en.wikipedia.org/wiki/Mobile_banking https://en.wikipedia.org/wiki/Mobile_banking
- beamatronic 11y agoI think that what the parent refers to in a larger sense is the way the current financial system "pulls" money - if I for example set up Auto-Pay with the cable company, every month I pray they get the amount right. Because if they don't, it becomes a huge use of my time to fix all the damage.
- kps 11y agoPerhaps some sort of pre-printed paper or plastic slips that function like money? I know, that could never catch on — no way to track your data or charge you a commission.
- kragen 11y agoLike some kind of cryptographically authenticated public pseudonymous ledger maintained by a peer-to-peer network and constantly audited by millions of participants? Aren't you afraid that would destroy civilization?
- nickpsecurity 11y agoFunny reply but simpler: today's banks with basic changes in authentication and limits on each party doing a charge in amount or timing. Would deal with parent's concern. Maybe add whitelisting, too, if people just wanted to use their main accounts for certain stores or bills. Just one extra transaction in a traditional database with some simple COBOL. Not much work. Note: Brian Krebs recommended the same thing as a barrier to ACH fraud where the recipients were whitelisted with maybe in-person, strong-auth registration.
- mavhc 11y agoOr just the same thing, but without the decentralised part, thus saving power, or the weird double deflation and creation of money part.