Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Banks find AML "ineffective", propose access to social media

therage.co

Post reply on HN
Print view View original

51–57 of 57 posts

Re: Banks find AML "ineffective", propose access to social media

#51

Post by JohnFen »

ren01r wrote: post #20
danlitt wrote: post #4

Presumably if you do not have social media, you will be weeded out of the banking system like the terrorist you are?

It's already very difficult to avail banking if you don't carry a smartphone. I have a very inactive social media and I am working towards reducing my dependence on smartphones, at this point my most viable option is to move to another country that hasn't "modernised" their banking infra.

> It's already very difficult to avail banking if you don't carry a smartphone.

I think it depends. I never use my smartphone for banking purposes and it doesn't make anything difficult for me at all. But I'm in the US and I know there are other nations where this isn't at all true.

Re: Banks find AML "ineffective", propose access to social media

#52

Post by JohnFen »

freedomben wrote: post #21
raman162 wrote: post #11

I think the adoption of 3d secure will be better in preventing fraud than giving banks more access to my personal information. I suspect access to this information won't be limited to fraud detection but loans, mortgages, etc. What happens to people like me who don't really use social media as well?

I'm in that same boat. My guess is it's going to end up being just like having no credit previously. The advice is to open a credit card and use it a little bit every month and pay it off entirely to build up your credit. They will recommend creating social media accounts and posting a little bit regularly so that your social media credit score can build. I'm afraid we are building ourselves a tech dystopia, not the…

> They will recommend creating social media accounts and posting a little bit regularly so that your social media credit score can build.

Hey, now there's a great use for genAI. If we decline to the point where social media use is basically required, I'd totally just set up an LLM to post made-up stuff automatically for me so I won't have to bother doing it myself.

Re: Banks find AML "ineffective", propose access to social media

#53

Post by synicalx »

danlitt wrote: post #4

Presumably if you do not have social media, you will be weeded out of the banking system like the terrorist you are?

As someone who hasn't had social media for several years, unless you count this site for some reason, this is mildly concerning. Do I just have to make a burner Facebook account so my bank will let me access my own money?

Re: Banks find AML "ineffective", propose access to social media

#55

Post by AnthonyMouse »

rahimnathwani wrote: post #47
AnthonyMouse wrote: post #37

Earlier quoted context omitted.

> Your connections or other posts (e.g. about how some emergency means you're suddenly short of cash) could contribute to an elevated score. This sounds more like a way to send desperate people into a death spiral by raising interest rates or denying credit availability right at the worst possible moment than any kind of system that would prevent crime. > The proposal doesn't go into much detail about how they imagin…

> opaque government-facilitated denial of service without due process That's not what the report is about. Banks and financial institutions are required to file Suspicious Activity Reports (SARs) and Suspicious Transaction Report (STRs). Filing such a report doesn't stop a transaction from happening. The report suggests that banks think they could improve the usefulness of these reports and reduce the number of false…

> Banks and financial institutions are required to file Suspicious Activity Reports (SARs) and Suspicious Transaction Report (STRs). Filing such a report doesn't stop a transaction from happening.

It kind of does though, because banks are also not allowed to do business with criminals, so if they suspect you of being engaged in criminal activity -- even if they have no real proof -- guess what they do.

Worse than that, they're prohibited from telling you about the SARs, so you have no way to dispute them if they're inaccurate. It's a Kafkaesque absurdity that should simply be abolished rather than attempting to polish the turd with AI pixie dust.

> The report suggests that banks think they could improve the usefulness of these reports and reduce the number of false positives, if they had more freedom to choose the criteria.

Which is bollocks, but the government keeps pressuring them to do something because the system doesn't work (because banks shouldn't be doing it to begin with), so they're proposing to invade everyone's privacy because they want to do it anyway and this is a convenient excuse.

Re: Banks find AML "ineffective", propose access to social media

#56

Post by criley2 »

39896880 wrote: post #29
criley2 wrote: post #16

I have long since believed that maintaining a token "acceptable" social media presence is much more powerful than abstaining with regards to privacy/anonymity. The two suspicious things are overuse/misuse of social media, and no social media at all. It's like having a honeypot of easily found money in your home (barely hidden in a sock drawer, etc) so that a potential thief will be satisfied with the find and not dig…

The definition of “acceptable” will just keep shifting

Here's the thing, it's been shifting for all 10,000 years of civilization.

Re: Banks find AML "ineffective", propose access to social media

#57

Post by 39896880 »

criley2 wrote: post #56
39896880 wrote: post #29

Earlier quoted context omitted.

The definition of “acceptable” will just keep shifting

Here's the thing, it's been shifting for all 10,000 years of civilization.

I prefer not to participate in the acceleration.
Post reply on HN