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What people seem to miss in this conversation is that fraudulent ACH TRANSACTIONS can be reversed for up to 60 days if I recall. This is different from WIRE TRA
by jmann99999 4y ago
What people seem to miss in this conversation is that fraudulent ACH TRANSACTIONS can be reversed for up to 60 days if I recall. This is different from WIRE TRANSFERS that can't be reversed.
So, it is not a fertile ground for fraud.
- wiredfool 4y agoThat's basically correct, though wire transfers aren't completely immutable, it's just _really_ hard to back them out.
- mousetree 4y agoThe problem here, for banks at least, is that even if they can be reversed, the fraudster is long gone by then and the funds have been withdrawn.
- snotrockets 4y agoWire transfers can be reversed. It just requires more effort to get the involved banks to do so.