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But the law of finance is, in theory anyway, designed to do two things: 1) Punish bad actors after the fact, and, more importantly: 2) Make being evil less of
by Yawrehto 2y ago
But the law of finance is, in theory anyway, designed to do two things:
1) Punish bad actors after the fact, and, more importantly:
2) Make being evil less of a rational option, and so dissuade people and organizations from breaking the law in the first place
If you've decided to be evil, 2) can't and won't deter you, and it would be easy enough to leak everyone's credit card information. Sure, you'll be punished, but hey, the amount of damage that would cause is probably insane.
Law enforcement could act fairly quickly, probably, but criminals would almost certainly get there first, and once they've got the information, you can't really take it back.
- muzani 2y agoMore often, it's punishing good actors before the fact. High risk transactions are blocked until approval. Possibly stolen credit cards are flagged. If someone wanted to transfer lots of little money to one account, that account would likely be frozen. This also screws over event management companies, but such is the law of finance. I'm not sure what it's like in places like the US and Singapore, but where corruption and crime is high, the bureaucracy is tighter. Companies that have certain licenses need to set aside a lot of money, they're already rich. I mean if someone really wanted to be evil, they could leak credit cards, but there's contingencies like 2FA, and weird transactions get blocked. If an airline wanted to be evil, it's a lot harder to stop them.