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Fraud isn't one big problem, it's the biggest problem. Fraud is rampant. And no ability to reverse transactions means that fraud will keep going until no one tr
by baskethead 4y ago
Fraud isn't one big problem, it's the biggest problem. Fraud is rampant. And no ability to reverse transactions means that fraud will keep going until no one trusts the technology at all and we are back to square one.
Without trust, it just won't work and that's where the credit card companies did it right by guaranteeing against fraud. Of course, they did this off the backs of the merchants instead of putting their own money at risk but that's a different discussion.
- astrange 4y agoYou can always reverse a transaction as long as you know where it went - call up the other bank in some secure way and ask them to send it back. Whether or not they listen to you isn't necessarily a technical question. https://bam.kalzumeus.com/archive/no-payments-are-final/ https://bam.kalzumeus.com/archive/no-payments-are-final/
- zxcvbn4038 4y agoReally? You have tried calling a bank with whom you have no direct relationship with and asked them to reverse a charge? “Hi I’m Bob and I want you to send me back the $50 I sent Chuck?” Banks are pretty stupid and most of their security is performance art at best, but their response is going to be “Work it out with Chuck.”
- astrange 4y agoRead "you" as "originating bank" and "call up" as "send SWIFT message".
- bx00000013 4y agoAren't they talking about ACH? I didn't think US banks use SWIFT for domestic transactions.
- astrange 4y agoIs noone on this thread capable of generalizing from examples…?
- mixmastamyk 4y agoReversibility also supports scams unfortunately. Probably better to learn to be careful rather than thinking you can recover but the other party disappeared at the moment you need them.