3 ms·
The solution is for all foreign wire transfers to be insured and reversible which would drive up the cost of doing business with countries home to scammers.
by throwaway48476 2y ago
The solution is for all foreign wire transfers to be insured and reversible which would drive up the cost of doing business with countries home to scammers.
- seizethecheese 2y agoThe scams sometimes involve getting him to buy gift cards and then sending the card number. Not sure your solution would help.
- throwaway48476 2y agoGift cards are a money transmitting service.
- isubkhankulov 2y agoThat’s just going to drive more fraud to the receiver’s side. For example, one can pay for goods and receive them, then reverse the payment. This already is a huge percentage of fraud that businesses have to deal with, and there is a large industry built around preventing it. Fighting fraud (and other crimes) requires vigilance from all parties.
- AnarchismIsCool 2y agoYeah, that's basically what happened in the case of the famous Nespresso Money Mule story. https://www.youtube.com/watch?v=2IT2oAzTcvU https://www.youtube.com/watch?v=2IT2oAzTcvU
- fallingknife 2y agoInsured against what? (The bank is already liable if the account is breached). These scam transfers are intentional acts authorized by the account holders. A company can't be held liable for the stupidity of its customers.
- jopsen 2y agoBanks should be liable, there is often insufficient ways to validate who you're transferring money to. Sometimes the bank interface will tell you name and address, after you type in numbers, but who validates this? My bank (in Denmark) sometimes sends me emails from an domain that isn't their primary domain. The bank uses a login system that is provided by the state. In theory it's a good idea, but you sign-in on domains that are not owned identity authority. Like I sign-in on the bank website, instead of sign-in by redirecting from the bank to a trusted domain owned by the identity authority (how like OIDC flows usually work). Sure the login flow still involves an app, but my point is: There is a lot of bad practices around. These should incur liability. Just start looking at what domains emails are sent from. And complain if they are not the primary domain of the entity contacting you, you'll get tired real soon.
- fallingknife 2y agoI agree, and in the US banks are already liable if an unauthorized person gains access to your funds. But what I'm saying is that most of the scams that OP is talking about just aren't done that way. It's just a scammer that tricks them into sending money. It's just old fashioned con man stuff but over email or phone. And of you're dumb enough to believe that the only way the IRS (US tax agency) is willing to accept payment is by Visa gift card (and yes this is actually a common scam here) it's just not your bank's problem.
- TheSpiceIsLife 2y agoPublic awareness campaigns on the level of anti drink drive ads from the 90s. Pay your taxes by Visa gift card. Then you’re a blood idiot. https://youtu.be/RmhgGm4joEQ?si=bJzbF8Gnz-G5Nt6b https://youtu.be/RmhgGm4joEQ?si=bJzbF8Gnz-G5Nt6b
- jopsen 2y agoLots of government websites are extremely sketchy and redirect you to a sketchy payment gateway, often the payment gateway is on some weird domain. If I make a payment using my visa card, how is it that I'm not just redirected to visa.com, and that's the only place I enter card credentials? Like how OpenID works. I'm sure there are reasons, probably legacy reasons :) But it's still weird that payment uses a third-party domain I can't verify. Often called something sketchy.
- tsimionescu 2y agoHow would that help? How would you prove to the insurer that you were scammed out of the money and are not in fact pulling the opposite scam (that is, paying someone for a good/service, and then clawing the money back afterwards)?