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That’s also a downside: When your funds can be transferred away by anyone who happens to acquire the key without triggering any fraud prevention or additional v
by Aurornis 9mo ago
That’s also a downside: When your funds can be transferred away by anyone who happens to acquire the key without triggering any fraud prevention or additional verification checks, losing your entire bank account at 4AM Sunday morning becomes much easier.
- koakuma-chan 9mo ago[flagged]
- pertymcpert 9mo agoUnnecessary rudeness.
- koakuma-chan 9mo agoStrong language used for emphasis. I apologize if anyone was offended.
- vasco 9mo agoIt's also a lie, you can pay for many things without raising limits.
- koakuma-chan 9mo agoWhy does the bank decide what I can pay for? That's bullshit.
- nananana9 9mo agoBecause you put your money there and agreed to their rules.
- mschild 9mo agoWhat limit are we talking about though? Credit or debit? Debit I'd agree would suck because it is your money. Credit cards on the kther hand is you lending mkney from the bank.
- koakuma-chan 9mo agoThey both have limits. I tried to buy socks via Apple Pay and it declined.
- cess11 9mo agoIt typically doesn't, it just implements compliance with laws and regulations in your jurisdiction. Withdrawal and transaction limits are commonly such a thing, politicians get hounded because some people were frauded out of their monies and they feel a need to show that they're doing something about it. Banking is very international, you can put your money in some other jurisdiction if you'd like to. Many transnational banks are connected to the usual payment providers, you can probably figure something out if you put your mind to it. One way to do it is to start a company, business accounts at banks generally have different limits and then you pay a lawyer or bean counter to clear how to do the books and pay appropriate taxes.
- koakuma-chan 9mo agoI can only really use Canadian banks because that's what Interac, Canadian system for sending money by email works with. The bank does decide what I can pay for because it limits the amount of money I can spend via Apple Pay (like $500), and in general (like $1000). You need to bring your physical card and call them to temporarily increase the limit to buy anything expensive.
- ludston 9mo agoYeah all of that sounds way more convenient than your grandma irrecoverably losing her life savings because somebody kid fished her for her crypto authentication.
- koakuma-chan 9mo agoPeople still lose all their life savings. Look up pig butchering.
- cess11 9mo agoWeb searching a bit seems to say that e.g. tourists can use their foreign issued cards and typically carry their issuers' limits with them, unless the merchant has their own limits for some reason. Putting stricter limits on intermediate devices like pocket computers doesn't seem very tyrannical to me. Interac's web site says the typical default limit would be 2-3000 CAD, i.e. 12-1800 euros or so, unless you have a small business account, then it's more like 25000 CAD. If you often find yourself spending thousands of CAD on a whim, perhaps it would be a good idea to open accounts with a bank that is tailored to people with a lot of money. I'm sure there are some available in Canada.
- SecretDreams 9mo agoIf your bank doesn't want to raise the limits, there's probably good reasons behind that.
- selcuka 9mo ago> If your bank doesn't want to raise the limits, there's probably good reasons behind that. Why would their having reasons make me feel better when my payments don't go through? We complain when Apple plays nanny and makes their product a walled garden. How is a bank different? They should be doing their job without causing inconvenience for me.
- koakuma-chan 9mo agoNo, there's not. There are rarely good reasons behind what banks do because these are organizations that are run by mediocre people who are not incentivized to not suck. They don't care at all about anything. This "fraud prevention" thing only gets in my way and doesn't prevent the less sophisticated people from sending their money to India.
- jazzyjackson 9mo agoI get money You get mad because the bank's shut - Charli XCX
- ludston 9mo agoI bet you can. And I bet that raising the limit takes you a few minutes at most. Or you need a better bank.
- koakuma-chan 9mo ago> Or you need a better bank. There are no good banks in Canada.
- victorbjorklund 9mo agoWhy do you have a bank? Don’t you use crypto for all your needs? Or does crypto fail you in that?
- koakuma-chan 9mo agoNo one actually accepts crypto
- tucnak 9mo agoThis is why people who happen to own significant amount of crypto typically get hardware wallets
- learingsci 9mo agoDoesn’t that mean a home invader can break in, torture you a bit and walk off with your millions?
- duttish 9mo agoI think there was a rash of this kind of this kind of wrench cryptocurrency robberies in the Netherlands a few years ago. Break in, bash owner about with a wrench, get coins. <Insert xkcd>
- aurareturn 9mo agoYep, the meme in crypto community is that you can have all the digital security possible but it'll lose to the $5 wrench attack.
- fragmede 9mo agoxkcd 538, that is
- alcazar 9mo agoThis isn’t just a problem in the Netherlands or a thing of the past. 2025 actually saw the highest number of attacks ever recorded [0]. There are ways to prevent this. Like using multi-sig with geographical separation (so you can't move funds alone) or setting up forced time-delays. Ultimately, being your own bank is a massive responsibility, and I think too many people take that reality too lightly. 0: https://stats.glok.me/ https://stats.glok.me/
- mschild 9mo agoThat would make it a single point of failure, no? Not a good idea if your company is riding on it.