5 ms·

Should Banks Do More to Fight 'Pig Butchering'?

10 points by fortran77 1y ago

pinewurst 1y ago
https://archive.ph/xfCNm https://archive.ph/xfCNm
timfsu 1y ago
Really interesting article, unfortunately it seems quite lucrative to scam seniors, and very hard to prevent, especially when they don’t think they’re being scammed.
graycat 1y ago
Hmm. (1) An article from WSJ. From their reputation, not good. (2) Article about Pig Butchering? Obscure, undefined terminology, really bad writing. That's too much -- refuse to read or pay attention.
- OgsyedIE 1y ago
  (2) should be split into (2) and (3), surely? Furthermore, the neologism in question has been part of the vernacular for quite a while.
- fortran77 1y ago
  Forgive me from not posting articles from reputable sources like Mother Jones or Worker's World.
  - graycat 1y ago
    Maybe since the Big Bang I'm the only one, but AM one, to be torqued at what I regard as media low credibility and undefined, obscure terminology. Sorry guys but I (1) very much DO want solid information about a range of interests and (2) have a STEM field background that places great emphasis on solid evidence. We don't have to dig into quantum mechanics: Instead there are some common high school standards for term papers that call for claims supported with data with references from credible, hopefully original, sources. Instead I see various attempts at getting reader attention via emotional appeals. Uh, "Breaking news, this just in, experts shocked": Now we have the Internet where before we had news writers with typewriters, typesetters, big rolls of paper, printing plants, distribution trucks, paperboys, etc., twice a day, morning and evening. With the Internet there are lots of sources, cheap means of distribution, .... E.g., recently saw some news, scary drama, about suddenly too high prices for corn. Okay, HOW high are they? How do they compare historically? Can we have some good graphs of credible NUMERICAL data???? Well a little use of Google gave https://www.nass.usda.gov/Charts_and_Maps /Agricultural_Prices/pricecn.php with a really nice graph -- numerical data, no drama -- from 2016 to the present. For a fast look at corn prices, nuff said. Point: Commonly the old media pushes drama and is stuck in the past, and now the Internet offers ways to set aside the old media and get solid information. "Media, fun knowing you."
systemswizard 1y ago
Yep, but they won’t because it doesn’t impact the banks bottom line
9x39 1y ago
I blast my friend who works at a regional bank chain about new failures by banks to protect their customers from scams. He reminds me that frequently, if a bank gets between a customer and moving their money as they wish, they can quickly get as angry at the bank as they will the scammer. My righteousness somewhat dulled by this conundrum, I usually slump in my chair and wonder again how to protect the elderly and simple in a global connected world. Maybe solving a coordination problem here between banks? A SAR-like mechanism but a “friendly” one for fraud victims that require all banks to coordinate on and slow this customer down from playing into the scam? Some kind of 3rd party prepared to reach out not unlike a fraud report and gently try to get the victim to see the scam that’s wound around them? Of course that’s now just one more way we’re owned, needing permission to debank or move? Ugh. I worry because every elderly family member I have, I think, has talked to me about suspicious calls and scams, some progressing quite far before a friendly observer intervened.
- nevdka 1y ago
  You mentioned restrictions around sending money, but not restrictions on receiving money. If you put obligations on the banks receiving payments to refund scam victims, those banks will have incentive to stop people using their services to conduct scams. Basically, unusual payments get stopped or delayed until the bank can confirm their own customer isn’t running a scam, identities haven’t been stolen to open accounts, etc.
cedws 1y ago
Banks already have too many restrictions on what you can do with your own money. At some point you’ve got to accept it’s a user problem. Instead of creating more restrictions, educate people. Run ads where young and old people alike will see them.

10 points by fortran77 1y ago

https://archive.ph/xfCNm https://archive.ph/xfCNm

Really interesting article, unfortunately it seems quite lucrative to scam seniors, and very hard to prevent, especially when they don’t think they’re being scammed.

graycat 1y ago

Hmm. (1) An article from WSJ. From their reputation, not good. (2) Article about Pig Butchering? Obscure, undefined terminology, really bad writing. That's too much -- refuse to read or pay attention.

OgsyedIE 1y ago
(2) should be split into (2) and (3), surely? Furthermore, the neologism in question has been part of the vernacular for quite a while.
fortran77 1y ago
Forgive me from not posting articles from reputable sources like Mother Jones or Worker's World.
- graycat 1y ago
  Maybe since the Big Bang I'm the only one, but AM one, to be torqued at what I regard as media low credibility and undefined, obscure terminology. Sorry guys but I (1) very much DO want solid information about a range of interests and (2) have a STEM field background that places great emphasis on solid evidence. We don't have to dig into quantum mechanics: Instead there are some common high school standards for term papers that call for claims supported with data with references from credible, hopefully original, sources. Instead I see various attempts at getting reader attention via emotional appeals. Uh, "Breaking news, this just in, experts shocked": Now we have the Internet where before we had news writers with typewriters, typesetters, big rolls of paper, printing plants, distribution trucks, paperboys, etc., twice a day, morning and evening. With the Internet there are lots of sources, cheap means of distribution, .... E.g., recently saw some news, scary drama, about suddenly too high prices for corn. Okay, HOW high are they? How do they compare historically? Can we have some good graphs of credible NUMERICAL data???? Well a little use of Google gave https://www.nass.usda.gov/Charts_and_Maps /Agricultural_Prices/pricecn.php with a really nice graph -- numerical data, no drama -- from 2016 to the present. For a fast look at corn prices, nuff said. Point: Commonly the old media pushes drama and is stuck in the past, and now the Internet offers ways to set aside the old media and get solid information. "Media, fun knowing you."

systemswizard 1y ago

Yep, but they won’t because it doesn’t impact the banks bottom line

9x39 1y ago

I blast my friend who works at a regional bank chain about new failures by banks to protect their customers from scams. He reminds me that frequently, if a bank gets between a customer and moving their money as they wish, they can quickly get as angry at the bank as they will the scammer. My righteousness somewhat dulled by this conundrum, I usually slump in my chair and wonder again how to protect the elderly and simple in a global connected world. Maybe solving a coordination problem here between banks? A SAR-like mechanism but a “friendly” one for fraud victims that require all banks to coordinate on and slow this customer down from playing into the scam? Some kind of 3rd party prepared to reach out not unlike a fraud report and gently try to get the victim to see the scam that’s wound around them? Of course that’s now just one more way we’re owned, needing permission to debank or move? Ugh. I worry because every elderly family member I have, I think, has talked to me about suspicious calls and scams, some progressing quite far before a friendly observer intervened.

nevdka 1y ago
You mentioned restrictions around sending money, but not restrictions on receiving money. If you put obligations on the banks receiving payments to refund scam victims, those banks will have incentive to stop people using their services to conduct scams. Basically, unusual payments get stopped or delayed until the bank can confirm their own customer isn’t running a scam, identities haven’t been stolen to open accounts, etc.

cedws 1y ago

Banks already have too many restrictions on what you can do with your own money. At some point you’ve got to accept it’s a user problem. Instead of creating more restrictions, educate people. Run ads where young and old people alike will see them.