3 ms·

Mmm. Where did you see those numbers? I haven't found that number. + The number i found for fraud in ACH afterwards was actually 0,08 % > ACH fraud is extreme

Mmm. Where did you see those numbers? I haven't found that number. + The number i found for fraud in ACH afterwards was actually 0,08 % > ACH fraud is extremely low at 0.08 basis points, or 8 cents for every $10,000 in payments https://silamoney.com/ach/understanding-the-basics-of-ach-fraud/ https://silamoney.com/ach/understanding-the-basics-of-ach-fr...

sokoloff 5y ago
https://www.nacha.org/news/ach-network-moves-23-billion-payments-and-51-trillion-2018 https://www.nacha.org/news/ach-network-moves-23-billion-paym... is where I got the data on total volume. I took the 1% from you, assuming you got it from somewhere reliable or at least that you believed in it. (I looked for it in the report summary; I didn't find it; I assumed you got it from the full report, which I don't have access to.) If the correct figure is 0.08%, that's almost $41B on $51T (more now, as the network volume continues to grow).
- NicoJuicy 5y ago
  Sure. Thanks for correcting me and sorry for the inconsistent number at first. It wasn't easy to find numbers since most just retold the original mentioned article without absolute numbers. But the entire fraud /year is way less percentage then this sole scam from the entire Bitcoin market cap valued against its peak. So his comment is actually a net positive for traditional payments ( even if you neglect insurance, ... )
FabHK 5y ago
FWIW, 0.08 basis points = 0.0008% = 0.000008 = 8 in a million = 8 cents in a million cents = 8 cents in 10,000$, as the article says. (0.08% would be 100x more.)
- NicoJuicy 5y ago
  No? 0,08% or 0,0008 One one-hundredth (.01) of a percentage point. For example, eight percent is equal to 800 basis points. https://www.investor.gov/introduction-investing/investing-basics/glossary/basis-point#:~:text=One%20one%2Dhundredth%20(.,equal%20to%20800%20basis%20points https://www.investor.gov/introduction-investing/investing-ba.... The author of the article made the wrong calculation which makes this extra confusing. Ugh... Since 8 basis points from 10 k is 8 => https://www.wolframalpha.com/input/?i=8+basis+points+of+10000 https://www.wolframalpha.com/input/?i=8+basis+points+of+1000...
  - FabHK 5y ago
    > 0,08% or 0,0008 Where are those numbers from? > For example, eight percent is equal to 800 basis points. Correct. 800 bp = 8% = 0.08 = 8e-2, as in your example there (different than the numbers in the linked article). Also, 8 bp = 0.08% = 0.0008 = 8e-4, as in the numbers you gave at the top (different than the numbers in the linked article). Also, 0.08 bp = 0.0008% = 0.000008 = 8e-6, as I’ve pointed out (and corresponding to the numbers in the linked article: > ACH fraud is extremely low at 0.08 basis points, or 8 cents for every $10,000 in payments. Note that 8 cents are $0.08.)
    - deleted 5y ago
      [deleted]
    - NicoJuicy 5y ago
      Omg. 0.08 basis points is indeed in the article. I checked it 2 times and always parsed it as 8bp... And not 0,08bp. I feel embarrassed now. Nice job :p
      - FabHK 5y ago
        No worries. Basis points are somewhat weird if one is not used to them, and the article is a bit cheeky in that it mixes cents and dollars, making it extra confusing.

sokoloff 5y ago

https://www.nacha.org/news/ach-network-moves-23-billion-payments-and-51-trillion-2018 https://www.nacha.org/news/ach-network-moves-23-billion-paym... is where I got the data on total volume. I took the 1% from you, assuming you got it from somewhere reliable or at least that you believed in it. (I looked for it in the report summary; I didn't find it; I assumed you got it from the full report, which I don't have access to.) If the correct figure is 0.08%, that's almost $41B on $51T (more now, as the network volume continues to grow).

NicoJuicy 5y ago
Sure. Thanks for correcting me and sorry for the inconsistent number at first. It wasn't easy to find numbers since most just retold the original mentioned article without absolute numbers. But the entire fraud /year is way less percentage then this sole scam from the entire Bitcoin market cap valued against its peak. So his comment is actually a net positive for traditional payments ( even if you neglect insurance, ... )

FabHK 5y ago

FWIW, 0.08 basis points = 0.0008% = 0.000008 = 8 in a million = 8 cents in a million cents = 8 cents in 10,000$, as the article says. (0.08% would be 100x more.)

NicoJuicy 5y ago
No? 0,08% or 0,0008 One one-hundredth (.01) of a percentage point. For example, eight percent is equal to 800 basis points. https://www.investor.gov/introduction-investing/investing-basics/glossary/basis-point#:~:text=One%20one%2Dhundredth%20(.,equal%20to%20800%20basis%20points https://www.investor.gov/introduction-investing/investing-ba.... The author of the article made the wrong calculation which makes this extra confusing. Ugh... Since 8 basis points from 10 k is 8 => https://www.wolframalpha.com/input/?i=8+basis+points+of+10000 https://www.wolframalpha.com/input/?i=8+basis+points+of+1000...
- FabHK 5y ago
  > 0,08% or 0,0008 Where are those numbers from? > For example, eight percent is equal to 800 basis points. Correct. 800 bp = 8% = 0.08 = 8e-2, as in your example there (different than the numbers in the linked article). Also, 8 bp = 0.08% = 0.0008 = 8e-4, as in the numbers you gave at the top (different than the numbers in the linked article). Also, 0.08 bp = 0.0008% = 0.000008 = 8e-6, as I’ve pointed out (and corresponding to the numbers in the linked article: > ACH fraud is extremely low at 0.08 basis points, or 8 cents for every $10,000 in payments. Note that 8 cents are $0.08.)
  - deleted 5y ago
    [deleted]
  - NicoJuicy 5y ago
    Omg. 0.08 basis points is indeed in the article. I checked it 2 times and always parsed it as 8bp... And not 0,08bp. I feel embarrassed now. Nice job :p
    - FabHK 5y ago
      No worries. Basis points are somewhat weird if one is not used to them, and the article is a bit cheeky in that it mixes cents and dollars, making it extra confusing.