Re:How I lost control of our bank accounts to a phone scammer
by bitcoinbutter on Friday April 03, 2020 @10:15PM
(#22775643)
I mean, if there is proper 2 factor authentication set up, it would be much more difficult for this scam to work. Most banks in Asia issue you a physical security token, which if you lost you'd need to get it replaced in person.
Re:How I lost control of our bank accounts to a phone scammer
by riyakhanna1983 on Friday April 03, 2020 @10:22PM
(#22775672)
Is it possible to eliminate the phone number? It was needed in old days, and many people today use over-the-top services like WhatsApp and FaceTime. Companies use phone number to track us and scammers use it to swindle us.
Re:How I lost control of our bank accounts to a phone scammer
by dumbfoundded on Saturday April 04, 2020 @01:20AM
(#22776360)
Probably not. If a phone number is replaced with a hash or a username, similar if not identical problems will emerge. Look at the numerous bitcoin scams.
I think the only thing that helps is time. The longer a technology has been around, the harder it is to fake. Fraudulent gold or currency is pretty tough to do and the people tasked with tracking down the offenders are effective. With most internet-based scams, the technology is emerging. It will take a long time for detection and mitigation to catch up.
They have multiple types of verification codes, like ones for wires and another verifying your identity if you call customer service.
Avoiding fraud is complicated already and will continue to be a problem forever. As people get better at identifying scams, the next one will emerge. As companies create new policies to avoid fraud, "jerk"s will figure out ways to manipulate it.
I'm not sure a long term solution exists.