4 ms·

Doubt it will be huge, we are constantly being told not to give out our bank details as scammers want them, now you think it'll be great if we just give out our

Doubt it will be huge, we are constantly being told not to give out our bank details as scammers want them, now you think it'll be great if we just give out our bank details to every stranger we meet at the market. This will be great, for sending/receiving money but is hardly a replacement for card payments.

aitchnyu 4y ago
Indian UPI apps allow you to type phone number or find contact sender and receiver uses same app, or phonenum@bankname or user@bankname ids with equivalent QR codes or one time QR codes with amount. Money is routed to/from multiple bank accounts.
em500 4y ago
1. Europeans are not "constantly being told not to give out our bank details". That's an American thing, apparently due to a quirk that allows anyone with a US bank account number to draw money from that account. Euro banks certainly don't work that way. Having a Euro bank account number only allows people to transfer to, not from that account. 2. Why do you believe that an instant payment system requires us to "give out our bank details to every stranger we meet at the market" when numerous countries have already implemented such systems that don't require that?
- matthewdgreen 4y ago
  It is remarkable the extent to which the US system is a disaster and has poisoned our view of what financial services can/should do.
- rwmj 4y ago
  In the UK you can set up a direct debit with just the bank account details (not quite the same as withdrawing money, but still enough to scam someone). The rest of your comment is quite correct though.
  - IanCal 4y ago
    Although there is at least the safety of the direct debit system, where if you flag it then the bank must immediately pay you what was taken.
- DocTomoe 4y ago
  > Having a Euro bank account number only allows people to transfer to, not from that account. At least in the case of Germany, this is factually incorrect: We do have Lastschrift, which is eerily similar to "drawing money from an account". Sure, we can get that money back during a six week period IF the receiver still has it, but it is a hassle.
  - em500 4y ago
    Ok, I admit that I don't know the particulars of every Euro area bank system. But if you're referring to SEPA Direct Debit, only commercial clients can do that, after going through tons of hoops and paperwork. (In practice, all SEPA Direct Debits requests I've experienced in the last few years required me to first transfer a cent the them, to confirm that I'm actually in control of that account. )
- nottorp 4y ago
  > That's an American thing, apparently due to a quirk that allows anyone with a US bank account number to draw money from that account. What? I thought the main problem was how easy it is to do identity theft in the US. You mean I can steal someone's money with just their account number ?!?
- CoUHKT57BSe 4y ago
  1. I am European (Irish) and I am constantly being told not to give out bank details. I don't mean people are always telling me that, but when ever there is information about being safe and avoiding scams they always say to not give out bank details, and that is info for EU people. There are many examples online. 2. I was replying to a message, and in that message the user gave the example that at a farmers market someone could pay using a bank transfer. If I'm a farmer at that market I'm going to have to give my bank account details to all the strangers who want to buy a few apples from me, so they can instantly transfer money to my account.
  - messe 4y ago
    I'm Irish as well, and your IBAN (bank account number) is not a secret. There's no real harm in giving it out. Hospitals, for example, provide their own IBAN in correspondence for payments via SEPA transfer. You'll find as well that most of your banking apps allow you to save the IBAN of various contacts. I have the IBANs of a few friends and family members saved to my phone that way, and the only thing I can do with that information is send them money.
    - CoUHKT57BSe 4y ago
      I use 3 banking apps (PermanentTSB, Revolut and N26) and have never noticed any such feature, which ones have you seen that in?
  - newaccount74 4y ago
    > I am constantly being told not to give out bank details You shouldn't give out usernames and passwords. Your bank account number is not a secret. > I'm going to have to give my bank account details to all the strangers who want to buy a few apples from me I don't know what it's like in Ireland, but literally every business in Austria prints their bank account number on the invoice so you can pay it. Bank account numbers are not secret. There's not much people can do with a bank account number apart from send money to it.
    - messe 4y ago
samjmck 4y ago
Which country do you live in? I’m from Belgium and I’ve never heard that before.

aitchnyu 4y ago

Indian UPI apps allow you to type phone number or find contact sender and receiver uses same app, or phonenum@bankname or user@bankname ids with equivalent QR codes or one time QR codes with amount. Money is routed to/from multiple bank accounts.

em500 4y ago

1. Europeans are not "constantly being told not to give out our bank details". That's an American thing, apparently due to a quirk that allows anyone with a US bank account number to draw money from that account. Euro banks certainly don't work that way. Having a Euro bank account number only allows people to transfer to, not from that account. 2. Why do you believe that an instant payment system requires us to "give out our bank details to every stranger we meet at the market" when numerous countries have already implemented such systems that don't require that?

matthewdgreen 4y ago
It is remarkable the extent to which the US system is a disaster and has poisoned our view of what financial services can/should do.
rwmj 4y ago
In the UK you can set up a direct debit with just the bank account details (not quite the same as withdrawing money, but still enough to scam someone). The rest of your comment is quite correct though.
- IanCal 4y ago
  Although there is at least the safety of the direct debit system, where if you flag it then the bank must immediately pay you what was taken.
DocTomoe 4y ago
> Having a Euro bank account number only allows people to transfer to, not from that account. At least in the case of Germany, this is factually incorrect: We do have Lastschrift, which is eerily similar to "drawing money from an account". Sure, we can get that money back during a six week period IF the receiver still has it, but it is a hassle.
- em500 4y ago
  Ok, I admit that I don't know the particulars of every Euro area bank system. But if you're referring to SEPA Direct Debit, only commercial clients can do that, after going through tons of hoops and paperwork. (In practice, all SEPA Direct Debits requests I've experienced in the last few years required me to first transfer a cent the them, to confirm that I'm actually in control of that account. )
nottorp 4y ago
> That's an American thing, apparently due to a quirk that allows anyone with a US bank account number to draw money from that account. What? I thought the main problem was how easy it is to do identity theft in the US. You mean I can steal someone's money with just their account number ?!?
CoUHKT57BSe 4y ago
1. I am European (Irish) and I am constantly being told not to give out bank details. I don't mean people are always telling me that, but when ever there is information about being safe and avoiding scams they always say to not give out bank details, and that is info for EU people. There are many examples online. 2. I was replying to a message, and in that message the user gave the example that at a farmers market someone could pay using a bank transfer. If I'm a farmer at that market I'm going to have to give my bank account details to all the strangers who want to buy a few apples from me, so they can instantly transfer money to my account.
- messe 4y ago
  I'm Irish as well, and your IBAN (bank account number) is not a secret. There's no real harm in giving it out. Hospitals, for example, provide their own IBAN in correspondence for payments via SEPA transfer. You'll find as well that most of your banking apps allow you to save the IBAN of various contacts. I have the IBANs of a few friends and family members saved to my phone that way, and the only thing I can do with that information is send them money.
  - CoUHKT57BSe 4y ago
    I use 3 banking apps (PermanentTSB, Revolut and N26) and have never noticed any such feature, which ones have you seen that in?
- newaccount74 4y ago
  > I am constantly being told not to give out bank details You shouldn't give out usernames and passwords. Your bank account number is not a secret. > I'm going to have to give my bank account details to all the strangers who want to buy a few apples from me I don't know what it's like in Ireland, but literally every business in Austria prints their bank account number on the invoice so you can pay it. Bank account numbers are not secret. There's not much people can do with a bank account number apart from send money to it.
  - messe 4y ago

samjmck 4y ago

Which country do you live in? I’m from Belgium and I’ve never heard that before.