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There are similar laws for credit fraud, of course, so the stated benefit of "I don't have to give someone my details!" is confusing. In any kind of "pull" sys
by generalk 17y ago
There are similar laws for credit fraud, of course, so the stated benefit of "I don't have to give someone my details!" is confusing.
In any kind of "pull" system where I have to give someone else credentials to access my account, there's going to be the potential for fraud. A "push" system, where you have the ability to deposit into an account but not withdraw from it, sounds much more secure.
- jhancock 17y agoI agree, the stated benefit of I don't have to give my details, is not just confusing but plain wrong. Checks leak as much if not more information. I was replying the parent post of why checks do have some value. The laws for check fraud are different than credit fraud and the like. In most cases (each U.S. state is different), check fraud laws are old and quite strict. These laws have statutory obligations to fulfill to enable criminal prosecution. These requirements in turn force law enforcement and banks to take action. This may not always happen, but there is a framework for pushing it to happen.
- HeyLaughingBoy 17y agoYou can create one if you like but it's a bit inconvenient. Open a checking account and deposit enough cash into it to avoid fees. Now call up the bank and tell them you lost some of your checks and you need to close the account against withdrawals (you may need to do this in person). Now you or anyone else can deposit all the money you want to into that account, but the only way to get money out is if you go to the bank and show ID. It's not quite "hacking the bank" but it may be useful to know in a small set of cases.