Re:Robinhood Accounts Looted, No Customer Support
by orf on Saturday October 10, 2020 @05:13AM
(#24737654)
The rest of the world is doing fine without them and the associated levels of fraud that comes with a random slip of paper allowing you to transfer large quantities of money. I haven’t even seen a check in decades and even if they are technically legal in the UK for a few more years, nobody accepts them. Why would you?
The US has a ridiculous level of bank/payment fraud compared to Europe (~15x in some areas, according to the fed), who invested in chip+pin, SEPA, IBAN, etc etc. This all lets me pay for something with no overhead and maintain my own audit trail in a way that doesn’t involve a trust-based system from the 1800s.
Re:Robinhood Accounts Looted, No Customer Support
by m463 on Saturday October 10, 2020 @12:06PM
(#24739851)
> The US has a ridiculous level of bank/payment fraud
The US also has strong consumer protection laws.
I remember a friend of mine had a father in mexico and someone misused his bank card and he was SOL.
In the US, there are laws protecting credit card holders. The most that can be lost is $50 (or $500 in cases of extreme negligence).
What is really happening is that with minimized repercussions a lot of things have almost been decriminalized.
"why is this gate here, let's take it down!"
type comment?
Checks are extremely useful to individuals. You can pay for something, it has no overhead, and you have your own audit trail.
You can probably fake a fax machine or a certified letter too, but I think they are useful too.