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Cross border/jurisdictional payments need to be insured and reversible. This will stop the scams.
by throwaway48476 1y ago
Cross border/jurisdictional payments need to be insured and reversible. This will stop the scams.
- foxglacier 1y agoReversible by who? Not the payer or it'll create fraud in the other direction similar to credit card chargeback fraud or Ebay's "I didn't receive my item, give me my money back" fraud.
- throwaway48476 1y agoBy the insurer. Credit card issuers are already privatized legal dispute courts.
- TZubiri 1y agoI'm pretty sure institutional wires are reversible. Courts can also freeze accounts, the only weakpoint is absconding and quit scamming, but you lose the reputation of a whole bank in that.
- throwaway48476 1y agoCourts can freeze accounts within their jurisdiction. If a US scammer steals money the courts can reverse it. If an asian scammer does it there's no recourse, that's why it must be insured.
- spwa4 1y ago... and the Pakistani court sided with the scammers, after the judge was paid about $40000. So relying on the justice system doesn't help anyone here (and that's assuming you're willing to pay enough to run a court case on the other side of the world in the first place).
- TZubiri 1y agoof course. But the court can freeze: A- All accounts of the foreign company within their jurisdiction. i.e: foreign company can no longer do business with the state B- Freeze accounts of foreign bank, or order them to cover the remedy, C- Embargo country.
- throwaway48476 1y agoInsuring individual payments is a lot easier than embargoing countries over small sums of money.
- TZubiri 1y agoIt's not really about small sums of money is it? It's a drug case and at that point it's about contempt of the court.