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Send Money to Friends in Messenger

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Re: Send Money to Friends in Messenger

#241

Post by joshmn »

cek wrote: post #115
6stringmerc wrote: post #26

"Hey RELATIVE it's me here on Facebook I had to get a new account because I'm in trouble here in FOREIGN COUNTRY so please send me money. It's really easy and I need it bad! Just enter your credit card and I will be saved!" I know, I know, it's not the tool...but I am reminded of a certain scene from The Fifth Element... "I hate warriors, too narrow-minded. I'll tell you what I do like though: a killer, a dyed-in-the…

Kindel's Law: "Every new payment system rapidly transforms into an anti-fraud system."

Even lower-level, anything consumable by, well, anyone, quickly transforms from add-to-cart, checkout, and ship (whether digitally or physically), to add-to-cart, checkout, make sure they're actually the cardholder and legitimately authorizing the purchase, ship.

I have seen far too many places -- whether they're side projects, smb, or even enterprises -- completely miss the antifraud step. There are companies like MaxMind who but for someone who is above average-intelligence and an apt "carder", it's so trivial to get around.

When I'm tasked by x company -- a bank, company, security team, or someone with a side project -- to run through their site and try to get an order shipped using false credentials, I can't even speak to how easy it is for me to do so with trivial effort. And it's not all fun to see.

There is a company who does gift cards, and they'd ship them out instantly. Once redeemed by the other merchant, bam, they're SOL.

Don't be this company. Don't be this entrepreneur. Don't be this hacker. Reach out to someone who knows what they're doing. If your business relies on conducting transactions, I don't care if it's flowers or dog leashes, or some shit that's going to end up on Shark Tank, you need to have anti-fraud in place.

Re: Send Money to Friends in Messenger

#242

Post by grubles »

vectorpush wrote: post #230
grubles wrote: post #159

Earlier quoted context omitted.

>Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web. I guess you've never read https://en.bitcoin.it/wiki/Trade

No, I haven't read the list of locations where bitcoin is accepted. The reason for this is, like most people, I have a bank account and don't need to double check that I can actually pay for dinner and a movie before I patronize an establishment.

Except you weren't patronizing an establishment. You were spreading FUD.

Re: Send Money to Friends in Messenger

#243

Post by 67726e »

BrainInAJar wrote: post #217
cek wrote: post #115

Earlier quoted context omitted.

Kindel's Law: "Every new payment system rapidly transforms into an anti-fraud system."

except bitcoin

Yeah, with Bitcoin you just get to hope the person on the receiving end isn't gonna fuck you over. Either that or you build anti-fraud as an escrow service, or some other system of trust. So really, the same applies to your precious Dunning-Krugerrands.

Re: Send Money to Friends in Messenger

#244

Post by grubles »

vectorpush wrote: post #228
grubles wrote: post #187

Earlier quoted context omitted.

I think we need to kill the "bitcoin requires a passport" myth as well. I have used bitcoin for 4 years and have never had to present a passport for anything.

Just because you haven't experienced something doesn't mean it's a myth. http://www.reddit.com/r/Bitcoin/comments/246mlg/bitstamp_blo... http://www.reddit.com/r/Bitcoin/comments/25jyf1/bitstamp_ive... http://www.reddit.com/r/Bitcoin/comments/26c1y6/buying_bitco... http://www.reddit.com/r/Bitcoin/comments/2renc7/why_dont_peo... I could go on, all I did was search /r/bitcoin for the word "passport" and I was overflowin…

You brought up having to present a passport as if it were a requirement to using bitcoin, which it is not. Again, you were spreading FUD.

Re: Send Money to Friends in Messenger

#245

Post by bestspell »

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Re: Send Money to Friends in Messenger

#246

Post by mbesto »

ethanbond wrote: post #209
mbesto wrote: post #186

Earlier quoted context omitted.

Or the opposite, and started as an anti-fraud system (see PayPal)

PayPal didn't start as an anti-fraud system? It was a payment system that developed a pretty novel anti-fraud system and which was the foundation for a different company that does a ton of anti-fraud.

It most certainly did.

"Confinity Inc. is best known as the creator of PayPal. It was founded in December 1998 by Max Levchin, Peter Thiel, and Luke Nosek, initially as a Palm Pilot payments and _cryptography_ company. Confinity launched its milestone product, PayPal in late 1999."

[0] - http://en.wikipedia.org/wiki/Confinity

Re: Send Money to Friends in Messenger

#247

Post by pbz »

taterbase wrote: post #239
pbz wrote: post #222

Does anybody know how Venmo and now FB can send/wire between debit cards for free? What happens to the % Visa/Mastercard demand? Is something like this coming for Stripe?

Venmo uses actual ACH transactions which are free, it's like writing a check but there is a delay. FB, Snapchat, and others are likely eating the cost of the debit card "swipe" in hopes of garnering users.

Do they somehow find the ACH info (bank account) from the debit card?

Re: Send Money to Friends in Messenger

#248

Post by grubles »

thedufer wrote: post #206
grubles wrote: post #164

Earlier quoted context omitted.

>13.1 million identity-theft cases were reported in 2013, resulting $18 billion in losses. from https://www.javelinstrategy.com/uploads/web_brochure/1405.R_...

Banks are the ones taking those losses, and it comes out of the CC fees paid by merchants. Yes, this probably results in price increases, which is like buying insurance - I will pay 2% more for pretty much every good I buy, and in return I will never be defrauded out of my entire life's savings at once. Seems like a good deal to me?

You don't see the problem here do you? 13.1 million people were defrauded because they used a credit card. $18 Billion were lost as a result. Losses due to bitcoin are peanuts in comparison.

Re: Send Money to Friends in Messenger

#250

Post by grubles »

vectorpush wrote: post #231
vanzard wrote: post #205

Earlier quoted context omitted.

Not always true. The reality is less rosy than you depict it. Most credit card issuers don't let you charge back transactions older than 60 days. It is always fun to discover this fact after a merchant invents believable excuses to stall your order for 60+ days... ("Warehouse stock depleted, wait 4-6 weeks. We shipped it! Sorry we shipped the wrong item!") Merchants can dispute chargebacks, and in fact do win 40% of…

Fair enough. Credit cards offer decent but limited consumer protections; bitcoins offer none.

The difference with bitcoin is that the protection is up to you. Same as with holding cash or precious metal in a safe at home. Except with bitcoin, you have m-of-n signatures, encrypted wallets, brain-wallets even. You can backup your encrypted wallet anywhere. Someone even put their wallet.dat on a website for anyone to download, but their passphrase is probably 1,000 random characters or something.
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