3 ms·
This is wrong, and has in fact always been wrong (even in the old system you could use a bank acc number, an address and a name to take money from an account).
by krageon 7y ago
This is wrong, and has in fact always been wrong (even in the old system you could use a bank acc number, an address and a name to take money from an account). You can take money out of bank accounts with just IBAN and a name (though even the requirement for a name is spurious). Of course there are legal repercussions and usually the bank refunds your money - but that's when it is already too late.
The banking system you are talking about is built entirely on trust.
- gnnnni 7y agoInteresting, do you have any source for that? How would do that using only IBAN and a name (i.e. without faking a signature, having the PIN number, a compromised device etc.)
- krageon 7y agoSony Entertainment Online used to do billing in exactly this way, that is something you could check out. I'm not comfortable sharing what I see as an easy way to exploit trust online.
- nloomans 7y agoIt's called Direct Debit: https://en.m.wikipedia.org/wiki/Direct_debit https://en.m.wikipedia.org/wiki/Direct_debit
- nloomans 7y agoAt least with the bank I use (bunq) I get notifications for such transfers and I need to manually approve them for the transfers to take place. If it's a recurring payment I can set it up so it automatically allows transfers up to a specified amount monthly.
- krageon 7y agoWhile it's great for you that this is the case, this is not the norm.