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This is a horrible excuse for the terrible banking system in the US. We have both instant payments in Denmark and laws to require banks to cover fraud.
by runemadsen 4y ago
This is a horrible excuse for the terrible banking system in the US. We have both instant payments in Denmark and laws to require banks to cover fraud.
- adrr 4y agoHow do banks pay for the fraud? Do they charge fees to have a bank account?
- Closi 4y agoUK has instant payments between bank accounts too - no fees to cover fraud and fraud is covered.
- adrr 4y agoUK isn't a good example since they don't have fraud protections in place. This bill needs to into effect before the banks are on the hook. https://bills.parliament.uk/bills/3326 https://bills.parliament.uk/bills/3326
- Closi 4y agoMost banks are signed up to the "Authorised Push Payment Scam Code" and cover fraud, however it's not a legal requirement. But all banks, of course, have a level of fraud protection in place (just not the legal obligation to replace funds from a scam and compensate/reimburse victims). It's also worth noting that this is a legal decision, and not a technology issue.
- j16sdiz 4y agoThey reverse the payment when law enforcement gets in.
- adrr 4y agoAnd what if the money is gone by the time law enforcement is involved?