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The funds are available in a day or three. There is a big difference between cleared and reversing fraudulent transaction. Are you requiring people to check th

The funds are available in a day or three. There is a big difference between cleared and reversing fraudulent transaction. Are you requiring people to check their statements every week to find fraudulent transfers? Are people who go on vacation screwed? How do you handle instantaneous transfers when the funds are available in seconds? For example, someone asks to use your phone and you foolishly give it to them. They make a bank transfer when you aren't looking. With instantaneous transfer, you are screwed caused the funds are already available and fraud report isn't allow. It might be possible to make the banks responsible for fraudulent transactions since they are ones that can do the verification.

pc86 3y ago
The onus is already on individuals to find fraudulent transactions and report them. If my CC gets a fraudulent charge and I don't see it, and it doesn't trigger the bank's anti-fraud logic, it will just get paid. Your example doesn't really work because for this to happen not only would I need to give this person my phone, I'd need to give it to them with my banking app open and the screen unlocked. At that point it's not a fraudulent transaction.
- aidenn0 3y ago
  > The onus is already on individuals to find fraudulent transactions and report them. If my CC gets a fraudulent charge and I don't see it, and it doesn't trigger the bank's anti-fraud logic, it will just get paid. Right, but if I find it 60 days later when I balance my registry, then the CC company refunds me the money.