Re:The Collapse of SVB Exposes the Largest Crack in the Economy
by LadyCailin on Saturday March 11, 2023 @04:50AM
(#35106928)
>> Those numbers at the bottom of a cheque? Yeah, they include your account number.
> Yes, as well as the routing number.
>> There's no inherent information risk to giving out an account number …
>Of _course_ there is. In the US, the account + routing number is sufficient to perform a ACH transfer, write checks against that account, etc.
The risk is enormous.
So… how does writing a check remove this risk then? That was the original point, that writing a check is safer than giving out your account number.
Re:The Collapse of SVB Exposes the Largest Crack in the Economy
by tome on Saturday March 11, 2023 @05:08AM
(#35107009)
> It is, in fact, extremely high.
Not in Europe it's not, which is monodeldiablo's point: there's no inherent risk to giving out your account number. It's only the primitive US system which makes it a risk.
Yes, as well as the routing number.
> There's no inherent information risk to giving out an account number …
Of _course_ there is. In the US, the account + routing number is sufficient to perform a ACH transfer, write checks against that account, etc.
The risk is enormous.
> Especially when one considers the accompanying fraud risk thereof.
I’m assuming you misunderstood the risk when you wrote the above. It is, in fact, extremely high.