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Dwolla now issuing cashbacks - reversing earlier policy
- thinkcomp 15y agoThis is pretty serious and brings into question all of Dwolla's million-dollar-a-day transaction volume claims. If if it is a million dollars a day--which I find totally inconceivable having built FaceCash day-by-day for two-plus years--it's clearly not from mobile payments. Dwolla isn't licensed as a money transmitter anywhere but Iowa to the best of my knowledge. Their management claims that their investors make them exempt, but that's simply not the case. If there were anyway to bring regulatory scrutiny upon oneself, processing a million dollars a day in fraudulent transactions for an unregulated cryptocurrency would be it. Be careful!
- Andys 15y agoWhen they said the system was free of chargebacks, that just meant due to people changing their mind. You still get the rug pulled from under your feet if there's fraud (I assume, stolen bank accounts).