4 ms·
This is sort of frightening. The obscurity of ACH was the only real security it had; now if I write a check, anyone who sees it can trivially withdraw whatever
by a1k0n 14y ago
This is sort of frightening. The obscurity of ACH was the only real security it had; now if I write a check, anyone who sees it can trivially withdraw whatever they want from my account using the above API, no? What sort of fraud protection is there?
- jareau 14y agoThis end point only allows you to send money to a bank account.
- chimeracoder 14y ago> if I write a check, anyone who sees it can trivially withdraw whatever they want from my account using the above API, no You always were able to do that - even before this post - using traditional online banking. I won't go into the details here, but trust me, it's frighteningly easy[1]. > What sort of fraud protection is there? This isn't up to Balanced to solve. It's a banking system problem at its core. [1] The problem is actually much worse, because it allows anyone to compromise your entire banking account (not just your checking account) trivially, but I'll leave that as an exercise to the reader!
- deleted 14y ago[deleted]
- jareau 14y agoIf you're in SF, I'll buy you a coffee and we can talk about how terrible the ACH network is. I have very strong opinions on this. We're just trying to jump on the grenade and make it bearable for everyone else :)
- nym 14y agoI'll buy you coffee AND hear what you have to say. :-)
- jareau 14y agojust read your CV. WF, Singly, Cars.com, you must know the pain of payments, marketplaces, and APIs very well. Email me at my HN handle @balancedpayments.com
- chimeracoder 14y agoUnfortunately I'm in NYC, though I'd love to hear your thoughts on ACH! Let me know if you happen to make your way out here at some point - my email is nqvgln@nqvglnzhxrewrr.arg (ROT13).