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Bad example. IBAN (https://en.wikipedia.org/wiki/International_Bank_Account_Number https://en.wikipedia.org/wiki/International_Bank_Account_Num... ) for example
by dividuum 5y ago
Bad example. IBAN (https://en.wikipedia.org/wiki/International_Bank_Account_Number https://en.wikipedia.org/wiki/International_Bank_Account_Num... ) for example has a two digit checksum that prevents this and similar simple typos.
- microtonal 5y agoBesides the checksum, in some countries (e.g. in many banks in The Netherlands), the given name is also checked against the name associated with the target account [1]. [1] https://www.betaalvereniging.nl/betaalproducten-en-diensten/iban/iban-naam-check/ https://www.betaalvereniging.nl/betaalproducten-en-diensten/...
- rosndo 5y agoHow is it a bad example? Not everyone uses IBANs. And besides, big banks still have to deal with checksum-passing iban typos on a daily basis. IBANs only have two check digits.
- user-the-name 5y ago> And besides, big banks still have to deal with checksum-passing iban typos on a daily basis. That's the thing - they can deal with it. There are fallbacks. In crypto, your money is just instantly destroyed.
- rosndo 5y agoYou’re mistaken, they usually can’t deal with it. They’ll ask the other bank if they’d like to return the money, and that bank will maybe ask the recipient if they’d like to return the money. The recipient doesn’t want to return the money? You’re SOL. You can go to court, but they can trivially evade civil action by transferring the money overseas.
- user-the-name 5y agoThose are all things you can try, though. In crypto, again, the money just instantly disappears.
- rosndo 5y agoYou could still appeal to the developers, it has been done successfully in the past.
- user-the-name 5y agoOnce.
- rosndo 5y agoWhich indeed proves that it can be done.
- user-the-name 5y agoOk, you are definitely not arguing this is good faith any longer. Get lost.
- rosndo 5y agoWhat do you mean? If you can convince a sufficiently large share of the community, you can in fact roll back transactions.
- user-the-name 5y agoThis is a massively disingenuous argument, and you know it.
- ciupicri 5y ago> big banks still have to deal with checksum-passing iban typos on a daily basis Citation needed.
- rosndo 5y agoThis is elementary school level math, no citation needed. The modulo 97 checksum offers known guarantees.
- ciupicri 5y agoI think there's a misunderstanding here. If the customer mistypes the IBAN account number, the bank (website, app etc) will automatically reject it as invalid immediately, he won't have to deal with the customer service.
- rosndo 5y agoYes, but the misunderstanding is on your side. This is overly simplified so not entirely accurate, but if 100 customers typo their destination IBAN the modulo 97 checksum will probably let 3 of them through.
- 7steps2much 5y ago> And besides, big banks still have to deal with checksum-passing iban typos on a daily basis. IBANs only have two check digits. Actually the checksum was designed especially to deal with typos. As such, dealing with typo errors is usually not an issue at all. What they do have to deal with is maliciously created IBANs though. However, if the account an IBAN should point at doesn't exist then the transaction usually just bounces.
- spuz 5y agoEthereum addresses also have a checksum. In both systems it's possible to enter the wrong destination address.
- posterboy 5y agoI have more than once typed ref-number into the amount field. Ofc a transmission of $9765775689758 won't succeed, but if it did, I'm told there's little to be done about it, finders keepers.
- rosndo 5y agoYeah, if you do that and the other party runs off with the money you’re screwed. You can certainly pursue the matter in civil courts, but law enforcement does not like to touch this kind of stuff at all. If the recipient transfers the money overseas, you will most likely never be able to recover it.
- href 5y agoI don't think that's the case everywhere. In Switzerland at least, if I send you money by mistake, I can claim that money back and you would have to give it back to me, even if you have spent it already - unless you can reasonably claim that you were unaware that this money was not meant for you. As a result, if I received a large amount of money that I coulnd't explain, I would contact the sender or the bank first. I can't just spend it immeditaly and claim that I had no idea.
- rosndo 5y agoYeah, good luck getting that money back if the other party doesn’t want to play along. Enforcing court judgements isn’t easy in these situations.
- distances 5y agoWhere would it be non-reversible? At least in Europe you totally do not own money that is transferred to your bank account by mistake. You'll have to pay it all back. There have been court cases after people spent such windfalls, and yes, they are still in the hook for full returns.
- rosndo 5y ago