This is obviously a subject the author cares passionately about, because the article uses a lot of exclamation marks. But this tidbit struck me as hilariously out of touch: > Let's imagine your bank let you sign in to 3rd party services in a similar manner. How many people would click through on "Let ACME corp act on your behalf on your Citibank Account". I think most people would be super scared of permissions like…
The actual money movement “API” is by far the scarier part of this. Any entity you’ve ever paid has your account number, and that’s all they need to pull more money. People talk about this like your online banking password is protecting your money... it’s not. If someone adds an online bill pay recipient from the web portal it triggers loud and slow verifications and confirmations. If someone submits an ACH transacti…
And then flies right back in once you report the fraud. The system works not by making it hard to steal money, but by making it easy to get back.
This is like credit cards... yes, a shady store can steal money from you.... but then you get it back and they go to jail.