4 ms·

All this might be true in the US where realtime transfers don’t really exist. But here in true UK where we‘be had realtime, high volume transfers for at least

All this might be true in the US where realtime transfers don’t really exist. But here in true UK where we‘be had realtime, high volume transfers for at least a decade, it’s very possible to steal digital money and move it on before the bank notices. Faster Payments in the UK are expected to be credited and spendable within 20min, normally it’s spendable within milliseconds. The actual settlements happen every few hours, and all of it is pretty much automated. Additionally because the money can be credited so fast, there is no recourse for a bank to recover a payment they’ve authorised, they have to settle it. The sending to the transfer message is as good as sending the money, once it’s sent, they have to pay, if they refuse, the money is taken from their collateral at the payment network to pay their debt, and they’re disconnected from the payment network.

dogma1138 4y ago
I’m from the UK that’s for relatively very small amounts and it’s insured, this is the cost of doing business and there are still a lot of fraud checks especially for new payees. If your account all of a sudden has 10’s yet alone of 100’s 1000’s or of transfers in it will be quarantined. HSBC locked my account just last week for 7 or 8 transfers of circa £10 all being made all in the same day from colleagues from my work since we bought a gift for someone that was leaving and settled the payment. Authorized push payment fraud still does happen but it’s fairly negligible in the big scheme of things.
- avianlyric 4y ago
  > If your account all of a sudden has 10’s yet alone of 100’s 1000’s or of transfers in it will be quarantined. > HSBC locked my account just last week for 7 or 8 transfers of circa £10 all being made all in the same day from colleagues from my work since we bought a gift for someone that was leaving and settled the payment. I would be careful assuming that HSBC is representative of how banks in the UK work. They’re well know to be the most trigger happy bank when it comes to account and transfer freezes. HSBC was probably the number one cause of complaints related to transfers while I was working in the fincrime team of a different bank.

dogma1138 4y ago

I’m from the UK that’s for relatively very small amounts and it’s insured, this is the cost of doing business and there are still a lot of fraud checks especially for new payees. If your account all of a sudden has 10’s yet alone of 100’s 1000’s or of transfers in it will be quarantined. HSBC locked my account just last week for 7 or 8 transfers of circa £10 all being made all in the same day from colleagues from my work since we bought a gift for someone that was leaving and settled the payment. Authorized push payment fraud still does happen but it’s fairly negligible in the big scheme of things.

avianlyric 4y ago
> If your account all of a sudden has 10’s yet alone of 100’s 1000’s or of transfers in it will be quarantined. > HSBC locked my account just last week for 7 or 8 transfers of circa £10 all being made all in the same day from colleagues from my work since we bought a gift for someone that was leaving and settled the payment. I would be careful assuming that HSBC is representative of how banks in the UK work. They’re well know to be the most trigger happy bank when it comes to account and transfer freezes. HSBC was probably the number one cause of complaints related to transfers while I was working in the fincrime team of a different bank.