ACH fraud was 1% on 21 billion$. That's 210 million in total, way less than the 4 billion from the article with 1 Bitcoin scam ( of an exchange, again).
None of the ACH frauds were the exchange/bank running away with your money fyi.
And probably a lot of them, if end users, was even insured.
Edit: Sorry. Made a mistake corrected below by a comment and follow-up.
0,08% fraud on 51 T. Is still way less than this sole scam vs. BTC market cap.
21 Billion per year is close to the annual ACH transaction volume measured in count of transactions.
The total value of those transactions in dollars is somewhere over $50T (Trillion) dollars.
1% of that is $500B.
+ The number i found for fraud in ACH afterwards was actually 0,08 %
> ACH fraud is extremely low at 0.08 basis points, or 8 cents for every $10,000 in payments
https://silamoney.com/ach/understanding-the-basics-of-ach-fr...
I took the 1% from you, assuming you got it from somewhere reliable or at least that you believed in it. (I looked for it in the report summary; I didn't find it; I assumed you got it from the full report, which I don't have access to.)
If the correct figure is 0.08%, that's almost $41B on $51T (more now, as the network volume continues to grow).
But the entire fraud /year is way less percentage then this sole scam from the entire Bitcoin market cap valued against its peak.
So his comment is actually a net positive for traditional payments ( even if you neglect insurance, ... )
One one-hundredth (.01) of a percentage point. For example, eight percent is equal to 800 basis points.
https://www.investor.gov/introduction-investing/investing-ba....
The author of the article made the wrong calculation which makes this extra confusing. Ugh...
Since 8 basis points from 10 k is 8 => https://www.wolframalpha.com/input/?i=8+basis+points+of+1000...
Where are those numbers from?
> For example, eight percent is equal to 800 basis points.
Correct. 800 bp = 8% = 0.08 = 8e-2, as in your example there (different than the numbers in the linked article).
Also, 8 bp = 0.08% = 0.0008 = 8e-4, as in the numbers you gave at the top (different than the numbers in the linked article).
Also, 0.08 bp = 0.0008% = 0.000008 = 8e-6, as I’ve pointed out (and corresponding to the numbers in the linked article:
> ACH fraud is extremely low at 0.08 basis points, or 8 cents for every $10,000 in payments.
Note that 8 cents are $0.08.)
I checked it 2 times and always parsed it as 8bp... And not 0,08bp.
I feel embarrassed now. Nice job :p
ACH Fraud has also been going on for at least 20 years or so in similar amounts
Yes big bitcoin heist and no insurance for those victims of that exchange
Both true
https://www.afponline.org/publications-data-tools/reports/su...
Its just as large and just as consequence free as bitcoin/crypto heists and fraud despite the paper trail
Some reinforce their respect of one system by looking at the proportions of the money supply and transactions, I would say that isnt that important as the industry / interest in fraud has a fixed size