4 ms·
The load bearing question is, why didn't the attacker also clear out OP's bank account, retirement savings, and max out his credit cards? Unfortunately, the dif
by QuadmasterXLII 1y ago
The load bearing question is, why didn't the attacker also clear out OP's bank account, retirement savings, and max out his credit cards? Unfortunately, the difference is that banks care literally at all about their customers accounts being emptied.
- bdangubic 1y agothe banks don’t give two shits about it :)
- fn-mote 1y agoThe difference is that you have leverage to force the banks to care. There isn't any federal regulation at all covering your Bitcoin.
- thrill 1y agoFraud is fraud. There’s plenty of laws against it.
- ameliaquining 1y agoThe question is not whether it's legal to defraud someone, but what a financial services provider's obligations are if their customer gets defrauded. The answer here is quite different for banks and brokerages than for crypto exchanges.
- bdangubic 1y agoit really is not. no bank is going to refund you money cause you are a moron (we have all been morons, I am not trying to disparage the person that got scammed, I sympathize with him)
- ameliaquining 1y agoThis is untrue. https://www.consumerfinance.gov/rules-policy/regulations/1005/6/ https://www.consumerfinance.gov/rules-policy/regulations/100...
- wmf 1y agoBitcoin exchanges like Coinbase are regulated by the CFTC in the US. This case is more of a Google problem though.
- ameliaquining 1y agoI don't believe the CFTC has any rules requiring crypto exchanges to reverse fraudulent transactions.
- bdangubic 1y agothis isn't fradulent - you being silly and allowing someone full access to your account is your fault as much as leaving a wallet a strip club and calling owner joe for a refund
- otterley 1y agoIt is absolutely fraudulent. If you intentionally misrepresent yourself as the real account holder to the financial institution (by presenting credentials that do not belong to you), the institution relies on this misrepresentation, and damages result, that is fraud. Full stop.
- wmf 1y agoIt's generally impossible to reverse crypto transactions so such regulation would be pointless. CFTC could force Coinbase to use 2FA but that was already enabled.
- bdangubic 1y agowhat federal regulation is there where it is your fault that you allowed someone access into your account? name a statute (any state or federal)? :)
- adrr 1y agoBanks do care because they are on the hook. If someone commits identity theft and steals money from the bank via your account, its on them.
- bdangubic 1y agothis is not identify theft :)
- beeflet 1y agoThere is no such thing as identity theft. That is a term made up by banks to pass the blame for their insecure means of authentication.
- otterley 1y agoThere is such a thing, if you equate “identity theft” with the fraud it enables. Stealing credentials just the first step.
- insane_dreamer 1y agobut crypto exchanges/wallets give even fewer shits :)
- calmbell 1y agoAnd transferring money from a bank or brokerage account takes time. Enough time that anyone paying attention should be able to report the transfer as fraudulent before it completes and have the account frozen.
- dist-epoch 1y agoIt depends. In UK a transfer is instant. In most of EU it happens the same day, many times in hours.
- zoover2020 1y agoEU is mostly instant too,IBAN at least.
- QuadmasterXLII 1y agoWhat I specifically mean by "care literally at all" : banks have a policy of reimbursing people who had their accounts emptied despite taking reasonable precautions. This creates sane, linear incentives: banks care 1000x more about a $100,000 fraud than a $100 fraud; they care 1000x more about a scam affecting 100 people than a scam affecting one person, etc. Unrelated, but for added spice, here's a thread from ten months where everyone agrees you're a fool unless you secure your coinbase account with google authenticator https://www.reddit.com/r/CoinBase/comments/1h65zuh/account_hacked/ https://www.reddit.com/r/CoinBase/comments/1h65zuh/account_h...
- 3D30497420 1y agoThis is one of the main reasons I don't like crypto. If you get hacked, even if you did everything right, then you're out of luck. The funds are (generally) unrecoverable. With my bank, I've been able to recover several thousand after a thief was able to bypass the 2FA app used to verify large transfers. (I still don't know how they were able to bypass the verification, and after investigating our bank never told us. Not sure that makes me feel all warm and fuzzy, but at least I was made whole with minimal fuss.)
- beeflet 1y agoIf you got hacked, you didn't do everything right
- trog 1y agoThis is elitist nonsense. Maybe this user didn't do everything right but people are hacked regularly through zero fault of their own.
- beeflet 1y agoIt's your responsibility to secure your own hardware
- 3D30497420 1y ago
- Tharre 1y agoThe flip side of that of course being that they increasingly force you to do your banking on a locked down smartphone for the same reason. Doesn't seem like there's a lot of middle ground between being responsible for your mistakes and being treated like you can't be trusted to make your own decisions.