3 ms·

The flaw in your logic is that you fail to realize i have access to 143 million bank accounts and can transfer any number of ways I want to. You also overestima

The flaw in your logic is that you fail to realize i have access to 143 million bank accounts and can transfer any number of ways I want to. You also overestimate the competence of smaller banks. Neglecting all of that you do realize that International wire transfers do exist right?

usaphp 9y ago
It takes 1-3 business days for a US bank to transfer any amount and I am sure it will be even higher if the transaction is not matching a usual pattern of your victim. So 144 million bank accounts mean nothing with such long processing delays
- rxhernandez 9y ago
  Tell that to all the banks that had been sued for millions for losses due to phishing attacks. My mom's bank was one of them. The criminals got the money out successfully somehow.
  - usaphp 9y ago
    It does not mean they were not caught later by bank insurance company
- djsumdog 9y ago
  One of the few instances where American Banking still being in the 1990s is a benefit[1] .. but not really. Australia, NZ, Singapore, most EU countries all have instant person-to-person transfers with little to no fees and supported via the government. 500 euro can be gone like that. Poof. But it's all within the same country. And when it's within the same country, it's traceable, reversible and enforceable by law. So the 1-3 business days isn't where the protection is at. It's the way we mark and track transactions. The real danger, is SWIFT transfers. Once that money leaves the country, it's very unlikely you'll ever see it again. [1]: http://penguindreams.org/blog/the-american-banking-system-is-still-in-the-1990s/ http://penguindreams.org/blog/the-american-banking-system-is...
  - raarts 9y ago
    Payments are immediate between countries too. On my vacation in Armenia (you know, former USSR and a pretty poor country) I paid in the supermarket with my Dutch debit card (chip with PIN), I immediately popped my phone and opened the banking app for my (small, Dutch local) bank, and it showed the withdrawal.

usaphp 9y ago

It takes 1-3 business days for a US bank to transfer any amount and I am sure it will be even higher if the transaction is not matching a usual pattern of your victim. So 144 million bank accounts mean nothing with such long processing delays

rxhernandez 9y ago
Tell that to all the banks that had been sued for millions for losses due to phishing attacks. My mom's bank was one of them. The criminals got the money out successfully somehow.
- usaphp 9y ago
  It does not mean they were not caught later by bank insurance company
djsumdog 9y ago
One of the few instances where American Banking still being in the 1990s is a benefit[1] .. but not really. Australia, NZ, Singapore, most EU countries all have instant person-to-person transfers with little to no fees and supported via the government. 500 euro can be gone like that. Poof. But it's all within the same country. And when it's within the same country, it's traceable, reversible and enforceable by law. So the 1-3 business days isn't where the protection is at. It's the way we mark and track transactions. The real danger, is SWIFT transfers. Once that money leaves the country, it's very unlikely you'll ever see it again. [1]: http://penguindreams.org/blog/the-american-banking-system-is-still-in-the-1990s/ http://penguindreams.org/blog/the-american-banking-system-is...
- raarts 9y ago
  Payments are immediate between countries too. On my vacation in Armenia (you know, former USSR and a pretty poor country) I paid in the supermarket with my Dutch debit card (chip with PIN), I immediately popped my phone and opened the banking app for my (small, Dutch local) bank, and it showed the withdrawal.