| ▲ | bdangubic 5 days ago |
| the banks don’t give two shits about it :) |
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| ▲ | fn-mote 5 days ago | parent | next [-] |
| The difference is that you have leverage to force the banks to care. There isn't any federal regulation at all covering your Bitcoin. |
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| ▲ | wmf 5 days ago | parent | next [-] | | Bitcoin exchanges like Coinbase are regulated by the CFTC in the US. This case is more of a Google problem though. | | |
| ▲ | ameliaquining 5 days ago | parent [-] | | I don't believe the CFTC has any rules requiring crypto exchanges to reverse fraudulent transactions. | | |
| ▲ | bdangubic 4 days ago | parent | next [-] | | this isn't fradulent - you being silly and allowing someone full access to your account is your fault as much as leaving a wallet a strip club and calling owner joe for a refund | | |
| ▲ | otterley 4 days ago | parent [-] | | It is absolutely fraudulent. If you intentionally misrepresent yourself as the real account holder to the financial institution (by presenting credentials that do not belong to you), the institution relies on this misrepresentation, and damages result, that is fraud. Full stop. |
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| ▲ | wmf 4 days ago | parent | prev [-] | | It's generally impossible to reverse crypto transactions so such regulation would be pointless. CFTC could force Coinbase to use 2FA but that was already enabled. |
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| ▲ | bdangubic 4 days ago | parent | prev | next [-] | | what federal regulation is there where it is your fault that you allowed someone access into your account? name a statute (any state or federal)? :) | |
| ▲ | thrill 5 days ago | parent | prev [-] | | Fraud is fraud. There’s plenty of laws against it. | | |
| ▲ | ameliaquining 5 days ago | parent [-] | | The question is not whether it's legal to defraud someone, but what a financial services provider's obligations are if their customer gets defrauded. The answer here is quite different for banks and brokerages than for crypto exchanges. | | |
| ▲ | bdangubic 4 days ago | parent [-] | | it really is not. no bank is going to refund you money cause you are a moron (we have all been morons, I am not trying to disparage the person that got scammed, I sympathize with him) | | |
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| ▲ | adrr 5 days ago | parent | prev | next [-] |
| Banks do care because they are on the hook. If someone commits identity theft and steals money from the bank via your account, its on them. |
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| ▲ | beeflet 4 days ago | parent | next [-] | | There is no such thing as identity theft. That is a term made up by banks to pass the blame for their insecure means of authentication. | | |
| ▲ | otterley 4 days ago | parent [-] | | There is such a thing, if you equate “identity theft” with the fraud it enables. Stealing credentials just the first step. |
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| ▲ | bdangubic 4 days ago | parent | prev [-] | | this is not identify theft :) | | |
| ▲ | adrr 4 days ago | parent [-] | | As long as he didn't give out credentials to his bank account, he's well covered. | | |
| ▲ | bdangubic 4 days ago | parent [-] | | he's most definitely not covered. I would run this scam 24/7 with every bank in America if I was "covered" :) |
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| ▲ | insane_dreamer 4 days ago | parent | prev [-] |
| but crypto exchanges/wallets give even fewer shits :) |
