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If they simply provided a separate “input” and “output” account number, it’d solve 99% of the problems with the US banking system. As it is now, anybody can sub
by koolba 5y ago
If they simply provided a separate “input” and “output” account number, it’d solve 99% of the problems with the US banking system. As it is now, anybody can submit an ACH for whatever account they’d like and the onus is on the target to monitor their transactions. All it takes is a routing and account number. It’s seriously insane.
- paranoidrobot 5y agoI believe that's also a US-specific problem. In Australia, a regular person with knowledge of my bank code (BSB) and my account ID isn't able to withdraw money from my account, but they can send me money. It's very low risk. For the last few years I've been able to associate a phone number or email address to my bank using PayID[1] which eliminates even that. The BSB + Account ID can be used to set up direct debits, it's intended for ongoing/regular payments like utilities/rent/etc. Because it requires a fair bit of paperwork/infrastructure to get registered in that system, I don't think anyone would be able to get away with scamming using it for long. [1] https://payid.com.au/ https://payid.com.au/
- deleted 5y ago[deleted]
- rhuru 5y agoThat is not entirely true. A random entity can not withdraw only certain authenticated entities can. The cost of stealing is very very high.