What makes that scenario much worse is linked in the original robbery article, where Chase started the investigation and then closed it as the transaction was deemed "authorized" thereby keeping them down ~$2k. Despite escalating with police reports and video footage of the assault, Chase still closed the case. It was only after they went to the local news org that Chase finally did something.

It was authorized, the authorization was given out. There was always option to refuse. The right party to compensate is not the bank, but the perpetrators.

It's frustrating that you can't preset transfer limits on these apps. Like I'd be fine with a $500 transfer limit to accounts I haven't previously sent to, with a 24-hour period to authorize a new recipient to receive more.

Or put an automatic 24 hour hold on any new recipients. You can enter the transaction, the recipient gets the notification but with the qualification that it's pending.

That would pretty much put a stop to the robbery problem without being an issue for the legitimate user as it's only intended for friendly situations anyway.

Now the robbery turns into a murder?

They probably would just need to kidnap you for 24 hours, but murder would also work. Depends how patient they are and if they have the manpower to guard you for 24 hours.

Anyone who goes around murdering every robbery victim is going to have an awful lot of police hunting them. It's not a viable path.

Zelle at major banks already does that. I can't transfer more than $2k-$5k into my own account of many years at a different bank, and I'm pretty sure the limit was more like $500 initially. Honestly, I have no idea how to steal $50k from anyone's banking app. Maybe a wire? Haven't tried via app. Not to mentioned whoever you're wiring to has been KYC'd. But certainly not through Zelle at US top 5 banks.

I have no financial apps of any sort on my phone. I wonder if robbers would believe that. Maybe I need to create a fake one, just in case...

Unless you uninstalled a browser from your phone, too, there is always the banks website.

Good point. Making a fake website is even easier, though. This is all theoretical, really. I'm not actually nervous about any of this (and when I stop carrying a smartphone, the issue becomes moot anyway).