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It's simple, really You can't do this. Only a bank officer can. A bank officer gets tracked doing it. If it's fraudulent, it gets reversed out of the bank's

It's simple, really You can't do this. Only a bank officer can. A bank officer gets tracked doing it. If it's fraudulent, it gets reversed out of the bank's pocket, so they go look at who did it, and act accordingly. And if it's more than $500, you need a second signature. Now, as a criminal, all you need to do to fake a wire is to hold a five year career. It's the common sense answer. "it wouldn't work."

gernb 4y ago
I not sure I understand. I recently signed up for apartments.com to pay my rent which way more than $500. Where does a bank officer fit into this? Are you saying the millions of transactions go through these services are all hand checked and signed by 2 bank officers? Can I view these signatures to find out who approved the transfer?
- JohnHaugeland 4y ago
  A core cultural competency of programmers is to be willing to just go look things up. My opinion is that HN is losing this rapidly.
  - mousetree 4y ago
    It's a fair question to ask for clarity on the "bank officer" part. I was confused too.
    - JohnHaugeland 4y ago
      They're well legally defined words.
- smsm42 4y ago
  aprtments.com had to do the paperwork to establish ability to initiate ACH (most likely, they hired some third-party to make the actual ACH for them). That's where it gets checked. If the provider screws up, and passes bad ACH, they'd likely to lose substantial money, and maybe the whole business if they get cut off. So the provider will likely verify what apartments.com is a legit business with legit people behind it, and will eagerly cooperate with law enforcement if anything shady happens. In turn, aparments.com probably has some protocol to verify the numbers you put in actually yours. Because if they screw up on this, they are left holding the bag for the stolen money and likely lose access to ACH themselves, which would hurt their business.
  - mousetree 4y ago
    > they are left holding the bag for the stolen money and likely lose access to ACH themselves, which would hurt their business. This is the key part. If they're originating the ACH (i.e. pulling funds from your account) and a return is issued then apartments.com are liable for sending those funds back.
  - adrr 4y ago
    Apartments partners with a bank. Bank creates files every night following the standards and rules of NACHA. They submit those files which are processed. ACH is bank to bank. You can’t access the network if you aren’t a bank. End of the day it is moving at the fed level since every bank has an account with the fed. Banks enforce the rule because they are on the hook on claw backs.

gernb 4y ago

I not sure I understand. I recently signed up for apartments.com to pay my rent which way more than $500. Where does a bank officer fit into this? Are you saying the millions of transactions go through these services are all hand checked and signed by 2 bank officers? Can I view these signatures to find out who approved the transfer?

JohnHaugeland 4y ago
A core cultural competency of programmers is to be willing to just go look things up. My opinion is that HN is losing this rapidly.
- mousetree 4y ago
  It's a fair question to ask for clarity on the "bank officer" part. I was confused too.
  - JohnHaugeland 4y ago
    They're well legally defined words.
smsm42 4y ago
aprtments.com had to do the paperwork to establish ability to initiate ACH (most likely, they hired some third-party to make the actual ACH for them). That's where it gets checked. If the provider screws up, and passes bad ACH, they'd likely to lose substantial money, and maybe the whole business if they get cut off. So the provider will likely verify what apartments.com is a legit business with legit people behind it, and will eagerly cooperate with law enforcement if anything shady happens. In turn, aparments.com probably has some protocol to verify the numbers you put in actually yours. Because if they screw up on this, they are left holding the bag for the stolen money and likely lose access to ACH themselves, which would hurt their business.
- mousetree 4y ago
  > they are left holding the bag for the stolen money and likely lose access to ACH themselves, which would hurt their business. This is the key part. If they're originating the ACH (i.e. pulling funds from your account) and a return is issued then apartments.com are liable for sending those funds back.
- adrr 4y ago
  Apartments partners with a bank. Bank creates files every night following the standards and rules of NACHA. They submit those files which are processed. ACH is bank to bank. You can’t access the network if you aren’t a bank. End of the day it is moving at the fed level since every bank has an account with the fed. Banks enforce the rule because they are on the hook on claw backs.