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Plaid = "Give me your bank login" and it is insane. It literally undoes 30 years of computer security advice for layfolk, all for their profit margin. OAuth ex
by anotherhue 3y ago
Plaid = "Give me your bank login" and it is insane. It literally undoes 30 years of computer security advice for layfolk, all for their profit margin.
OAuth exists, Plaid should not.
Always use ACH.
- kibwen 3y agoSame reason I refuse to use Venmo. Yes, I know that Venmo is owned by the banks. No, that doesn't mean I'm going to type my bank account's credentials into your app.
- prepend 3y agoI use Venmo and have never entered my bank login. I just have my routing and account number.
- onlyrealcuzzo 3y agoSince when did you have to do this to use Venmo?
- kibwen 3y agoLast time I tried was years ago. I'd love to be wrong, because checks are a pain in the ass.
- Rietty 3y agoYou don't AFAIK. Mine just asked for a routing and account number.
- burkaman 3y agoYou don't, you can use Plaid but you can also just given them a routing and account number. https://help.venmo.com/hc/en-us/articles/221073067-Verifying-Your-Bank-Account https://help.venmo.com/hc/en-us/articles/221073067-Verifying...
- Terr_ 3y agoI mainly use it with some friends to re-balance "who's paying for the meal this time", so I just offer to pay the bill when my Venmo balance gets low. Granted, this gives Venmo a small amount of cash to theoretically make interest off-of, but to me it's worth not entangling it with the routing-numbers of any important accounts.
- nradov 3y agoVenmo is owned by PayPal. You're thinking of Zelle, which is owned by banks. Both are terrible.
- tzs 3y agoVenmo is owned by PayPal. You were probably thinking of Zelle, a similar service owned by several banks. Many of the banks that own Zelle have it built into their banking apps, so if you use one of those you may have Zelle access without any extra credential entering.
- FireBeyond 3y agoI am philosophically opposed to ever using Zelle. The banks behind Zelle openly stated in Zelle's planning that one of the motivations behind it was liability shifting, away from the banks, on to consumers. Other benefits to the consumer are just to make the platform more appealing.
- xyzelement 3y agoWhat kind of liability can we be talking about here?
- FireBeyond 3y agoAgainst fraudulent transactions.
- amelius 3y ago> Plaid = "Give me your bank login" and it is insane. Credit card = your "password" is written on the card, and everyone thinks it's normal.
- Retric 3y agoCredit cards severely limit liability, banks don’t. This is why scammers want people to buy gift cards or get banking details rather than just get them to hand over credit card numbers.
- jakub_g 3y agoWhich is why EU has mandated 2FA for online payments https://en.m.wikipedia.org/wiki/Strong_customer_authentication https://en.m.wikipedia.org/wiki/Strong_customer_authenticati...
- anotherhue 3y agoI'm sorry but you are dangerously wrong. Not only are there enormous protections with the mis-use of one's credit card, but the 'password'/card number is randomly generated and not used elsewhere. A regular person is quite likely to reuse their favourite password for their bank login and therefore expose most of their other services when Plaid is inevitably hacked, or more likely, when someone pretends to be Plaid with typosquatting and the user has learned that giving passwords away is OK.
- frankreyes 3y ago> Not only are there enormous protections with the mis-use of one's credit card, but the 'password'/card number is randomly generated and not used elsewhere. Not true. My mother got a free credit card that she never used and never even took out of her safe box, and a few weeks ago someone used that card to buy a Microsoft gift card. Luckily for her, she regularly checks the bank's statements. I'm convinced there's a workaround to buy stuff using just the numbers, because that's how cards used to work a few decades ago.
- amelius 3y ago> I'm sorry but you are dangerously wrong. I think it is the other way around, sorry. The card number is visible in plain sight. The card number is reused everywhere. Merchant employees often have access to these numbers, and have reportedly used them illegally. Yes, there are protections, but they often apply only after the fact, which can cause lots of problems, e.g. if you're traveling and reached your card limit. Also, not everyone checks their transactions at the end of the month, so many cases of fraud may go undetected. Given modern security methods, credit card numbers are just plain silly, and yes, they may be even dangerous.