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I don't want my bank to decline my debit card when I have the funds. But I appreciate that they do it as a measure to evade fraud, because I've had that kind of

I don't want my bank to decline my debit card when I have the funds. But I appreciate that they do it as a measure to evade fraud, because I've had that kind of fraud perpetrated on me and, prior to that, it was easy to imagine that it could happen. So a little friction in my transactions is a cost not a benefit of my banking. But the benefit I get from that cost is fraud protection. Same thing applies here. If crypto were, on a measure, as fraudulent as it was not, then this might be heavy-handed. But as it is currently the source of more fraudulent activity, at least as it concerns these banks, than forthright activity, I'm happy for my bank to toll the cost of preventing crypto financial exchanging, for the benefit of fraud protection. YMMV, of course. Different strokes for different folks. But, like the parent commenter, I'm happy with how my bank purports to handle crypto transactions.

mooxie 3y ago
But if someone has access to your account information in such a way that they can make purchases in your name isn't that a you, or your bank, problem? Couldn't that same person just spend the money elsewhere? I'm just trying to understand the scenario here: you are caught up in a fraud, and unknowingly you give the fraudster access to information that they are able to leverage to make fraudulent purchases in your name and the 'win' here is that they can't spend it on crypto? It seems like there are multiple points at which to address this problem prior to how they're spending your money. Edit: I guess a lot of the comments are talking about the scam being that you are scammed into purchasing crypto somehow, a different scenario than someone having control of your account. Still though: people have been successfully swindling over the phone for a century. Having someone buy Monero instead of a wire transfer is just procedural.

mooxie 3y ago

But if someone has access to your account information in such a way that they can make purchases in your name isn't that a you, or your bank, problem? Couldn't that same person just spend the money elsewhere? I'm just trying to understand the scenario here: you are caught up in a fraud, and unknowingly you give the fraudster access to information that they are able to leverage to make fraudulent purchases in your name and the 'win' here is that they can't spend it on crypto? It seems like there are multiple points at which to address this problem prior to how they're spending your money. Edit: I guess a lot of the comments are talking about the scam being that you are scammed into purchasing crypto somehow, a different scenario than someone having control of your account. Still though: people have been successfully swindling over the phone for a century. Having someone buy Monero instead of a wire transfer is just procedural.