3 ms·

Sorry that US Bank leaves you exposed to a sim-jacking attack which, if they use Twilio, is mitigated by their verify API. I don't need hardware tokens and full

by dcow 3y ago

Sorry that US Bank leaves you exposed to a sim-jacking attack which, if they use Twilio, is mitigated by their verify API. I don't need hardware tokens and full custody of my financial information. I Just Don't. That's literally the entire point of a bank. They do that for me. You don't need to lecture me on how trust delegation works. I mean you use a bank right? You trust a 3rd party with your actual cash. Plaid hasn't demonstrated incompetence, have they? In fact it seems quite the opposite. There isn't any legitimate case against using them aside from "I literally don't trust anybody" which is hypocritical if you use a bank in the first place.

NotYourLawyer 3y ago
They’re not subject to banking regulations. Their privacy policy is a dumpster fire. They offer me no benefits. Why would I use them?
- dcow 3y ago
  They also serve as an auditing service, of sorts. Instead of you having to gather a bunch of bank statements to verify income, Plaid pulls those numbers for the service provider. The service provider can trust Plaid as an intermediary whose reputation would be damaged if they helped people lie or were otherwise delivering unreliable information. In my experience Plaid is a huge UX improvement and if you use them in OAuth mode you literally have no reason to criticize because the entire argument falls apart (they don’t store your credentials and can only do what you authorize granularly, using the system as designed). Anyway my bone to pick is with the “3rd party instantly bad” mentality. Your bank probably uses 1000 and 1 3rd parties too. Our banking regulations are focused on making sure money depositors aren’t taken advantage of and harmed by unhealthy or risky asset management practices. If you don’t find Plaid valuable then thats fine, you do you. I do wonder how you can know that without using them though…
  - NotYourLawyer 3y ago
    I’m not taking out a loan, I’m sending money. Everything they offer is irrelevant to me.

by dcow 3y ago

NotYourLawyer 3y ago

They’re not subject to banking regulations. Their privacy policy is a dumpster fire. They offer me no benefits. Why would I use them?

dcow 3y ago
They also serve as an auditing service, of sorts. Instead of you having to gather a bunch of bank statements to verify income, Plaid pulls those numbers for the service provider. The service provider can trust Plaid as an intermediary whose reputation would be damaged if they helped people lie or were otherwise delivering unreliable information. In my experience Plaid is a huge UX improvement and if you use them in OAuth mode you literally have no reason to criticize because the entire argument falls apart (they don’t store your credentials and can only do what you authorize granularly, using the system as designed). Anyway my bone to pick is with the “3rd party instantly bad” mentality. Your bank probably uses 1000 and 1 3rd parties too. Our banking regulations are focused on making sure money depositors aren’t taken advantage of and harmed by unhealthy or risky asset management practices. If you don’t find Plaid valuable then thats fine, you do you. I do wonder how you can know that without using them though…
- NotYourLawyer 3y ago
  I’m not taking out a loan, I’m sending money. Everything they offer is irrelevant to me.