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There are alternatives. Even obvious ones like wire transfers (ACH, SEPA) which have less fraud due to enforced two-factor and better online banking cyber secur

There are alternatives. Even obvious ones like wire transfers (ACH, SEPA) which have less fraud due to enforced two-factor and better online banking cyber security. PayPal, on the other hand, is free game after you infect a Windows PC with any malware. The problem is that your CC number is both username and password. Cardsters are looking ways to convert soft credit card money to something without chargebacks. These services are fraud and money laundering magnets. Think it as a same as publishing fake eBooks on Amazon and then sell them to launder your income clean. https://techcrunch.com/2018/02/26/crooks-launder-money-using-real-and-fake-amazon-ebooks/ https://techcrunch.com/2018/02/26/crooks-launder-money-using...

allset_ 7y ago
> enforced two-factor In what world do wire transfers require 2FA?
- purerandomness 7y ago
  The old world. Europe.
- miohtama 7y ago
  In any sane world. Nowadays also mandated by the law in the EU.
abvdasker 7y ago
This is a real opportunity for the new cohort of challenger banks like the Cash App, Chime, N26 and Monzo. You could probably win a lot of businesses and their customers by agreeing to process payments for businesses that PayPal won't. Combine that with the fact that the Venmo-like P2P payments these startups provide are fast and free and you've got another reason for merchants to switch.
deleted 7y ago
[deleted]
jeltz 7y ago
3D Secure solves part of this problem. But there are two issues with it (1) some companies like PayPal have forced banks to make an exception for them (2) your credit card number can still be used in other contexts but much less conveniently than it used to be able to.
- kalleboo 7y ago
  Also, there are a lot of really really bad implementations of 3D Secure (the most common problem being having it hosted on a domain that's not bankname.com but some outsourced company)
jedimastert 7y ago
> Even obvious ones like wire transfers (ACH, SEPA) This is assuming that banks don't just close your accounts for the same reasons... https://www.cnbc.com/2014/04/26/chase-closing-accounts-of-porn-stars-report.html https://www.cnbc.com/2014/04/26/chase-closing-accounts-of-po...

allset_ 7y ago

> enforced two-factor In what world do wire transfers require 2FA?

purerandomness 7y ago
The old world. Europe.
miohtama 7y ago
In any sane world. Nowadays also mandated by the law in the EU.

abvdasker 7y ago

This is a real opportunity for the new cohort of challenger banks like the Cash App, Chime, N26 and Monzo. You could probably win a lot of businesses and their customers by agreeing to process payments for businesses that PayPal won't. Combine that with the fact that the Venmo-like P2P payments these startups provide are fast and free and you've got another reason for merchants to switch.

deleted 7y ago

[deleted]

jeltz 7y ago

3D Secure solves part of this problem. But there are two issues with it (1) some companies like PayPal have forced banks to make an exception for them (2) your credit card number can still be used in other contexts but much less conveniently than it used to be able to.

kalleboo 7y ago
Also, there are a lot of really really bad implementations of 3D Secure (the most common problem being having it hosted on a domain that's not bankname.com but some outsourced company)

jedimastert 7y ago

> Even obvious ones like wire transfers (ACH, SEPA) This is assuming that banks don't just close your accounts for the same reasons... https://www.cnbc.com/2014/04/26/chase-closing-accounts-of-porn-stars-report.html https://www.cnbc.com/2014/04/26/chase-closing-accounts-of-po...