I've been working in the payments industry on and off for 15 years. I am yet to work with a payment method that does not support reversal (except for physical cash). As a last resort victims can file chargeback with their issuers or police. To begin with there are several layers of protection built in at acquirer, issuer, network and so on. Almost at each step there's an option to reverse the payment (or issue a comp…
As a person living in an authoritarian state, the inability of the government or other authority to reverse a payment looks like a very attractive feature to me. Yes, it does have downsides. They just don't look as troublesome as being completely cut off all financial services with a simple stroke of a pen - which was experienced by many members of political opposition in my country. "... but but Drugs! Criminals!" i…
Casa Client Case Study: The Tinder Trap
91–100 of 211 posts
Re: Casa Client Case Study: The Tinder Trap
#92Earlier quoted context omitted.
It's kinda scary that they can order a cash transaction via phone. Is there no identity verification at all?
Whatever the bank asked, I gave her all the information. It's insane how easy it was. I had no defenses at all. Moral of the story: please don't store large amounts of cash in your checking account.
>Moral of the story: please don't store large amounts of cash in your checking account.
Seems to me that the true moral of the story is don't cheat on your wife.
Re: Casa Client Case Study: The Tinder Trap
#93Earlier quoted context omitted.
That is extremely scary. I hope you filed a police report? That person is a serious criminal.
Ehh, for a lot of people $500 is the "I'd rather just move on" amount. If that happened to me I would move on, particularly because you don't know the criminals here and whether they'd seek retribution if you made a police report. If someone roofied you, they'd probably be willing to do worse things to you if you hassled them. Just some advice; speaking from life experiences.
A person drugging you at a bar, illegally entering your house, and then robbing your bank accounts. Felonies on top of felonies!
Re: Casa Client Case Study: The Tinder Trap
#94Earlier quoted context omitted.
>Are there plans to build equivalent features on Blockchain for crypto currencies? The entire plan of crypto is to not ever allow that. That's the big innovation.
> That's the big innovation. You're right that a lot of folks don't want features like that, though I just had to point out that this isn't an " innovation " by any wild stretch of the imagination, but rather simply a policy in some implementations. It's mutable, too, for both banks and crypto: either could allow/disallow such a policy if those involved cared to make it work that way.
>simply a policy in some implementations
Reversals would mean that there is some authority that can declare arbitrary transaction to be valid or not, and cryptocurrency is exercise in creation of payment system without such trusted party.
So no, would not call it simply a policy.
Re: Casa Client Case Study: The Tinder Trap
#95Earlier quoted context omitted.
Whatever the bank asked, I gave her all the information. It's insane how easy it was. I had no defenses at all. Moral of the story: please don't store large amounts of cash in your checking account.
>Moral of the story: please don't store large amounts of cash in your checking account. Seems to me that the true moral of the story is don't cheat on your wife.
Close reading reveals that in the story, only the robbers claim that he has a wife and no other facts point towards it.
Re: Casa Client Case Study: The Tinder Trap
#96I've been working in the payments industry on and off for 15 years. I am yet to work with a payment method that does not support reversal (except for physical cash). As a last resort victims can file chargeback with their issuers or police. To begin with there are several layers of protection built in at acquirer, issuer, network and so on. Almost at each step there's an option to reverse the payment (or issue a comp…
Paying by cash is irreversible. That’s how payments were until credit cards and the Internet came along. One of the big innovations of cryptocurrency is allowing for electronic, cash-like payments. To solution to coercing a “reversal” of a transaction is use the legal system.
One of the big innovations of non-crypto payment methods over cash was the ability to reverse.
> To solution to coercing a “reversal” of a transaction is use the legal system.
Or, just maybe, we could have a system which doesn't need to involve the legal system every time, and protects consumers anyway.
Which we have.
Re: Casa Client Case Study: The Tinder Trap
#97Earlier quoted context omitted.
It's kinda scary that they can order a cash transaction via phone. Is there no identity verification at all?
I think the issue is that the bank probably gets a lot of legitimate phone calls like that. $500 is the kind of money you can need urgently and where failing closed would be a major inconvinience.
"Good customer service" is indistinguishable from vulnerability to social engineering.
Re: Casa Client Case Study: The Tinder Trap
#98I've been working in the payments industry on and off for 15 years. I am yet to work with a payment method that does not support reversal (except for physical cash). As a last resort victims can file chargeback with their issuers or police. To begin with there are several layers of protection built in at acquirer, issuer, network and so on. Almost at each step there's an option to reverse the payment (or issue a comp…
Transactions have to be irreversible so that law enforcement is impossible, which is the main selling point of cryptocurrencies.
Of course that's a downside if you are the one who would like law enforcement to happen (either because you are the victim of a theft or you want to enforce on others).
Also fraud can be done with reversible transactions as well, in particular the reversal can be fraudulent; in general, reversible transactions are only really effective if the conveyance of whatever was paid for is also reversible.
Re: Casa Client Case Study: The Tinder Trap
#99I've been working in the payments industry on and off for 15 years. I am yet to work with a payment method that does not support reversal (except for physical cash). As a last resort victims can file chargeback with their issuers or police. To begin with there are several layers of protection built in at acquirer, issuer, network and so on. Almost at each step there's an option to reverse the payment (or issue a comp…
> Are there plans to build equivalent features on Blockchain for crypto currencies? Basically every crypto enthusiast out there touts the non-reversibility of crypto transactions as its primary feature , not a bug, and that is why I see crypto as generally useless for your average person.
It is, bitcoin is cash on the internet. If you want reversible transactions and credit then use a credit card, I'm pretty sure there are credit cards for crypto now and if there aren't there probably will be soon.
Re: Casa Client Case Study: The Tinder Trap
#100Earlier quoted context omitted.
FYI this comment actually had the effect of confirming that the story is all but made up - there is nothing remotely resembling evidence anywhere, including in this ostensibly defensive comment.
Our client's privacy is more important than your curiosity; it's as simple as that.
So it is made up then.