Aren't elderly phone scammed out of huge amounts from bank accounts often??

Legend2440 5 days ago | parent | next [-]

Yes, but it's more involved. They typically get the victim to withdraw the money themselves, then send it to the scammers via wire transfer.

Like crypto, wire transfers are difficult to track and irreversible.

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carlosjobim 4 days ago | parent | next [-]

There's nothing easier to track than a wire transfer. Banks just don't want to do it.

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beeflet 4 days ago | parent | prev [-]

So what is stopping someone from holding a gun to your head and forcing you to conduct a wire transfer over the phone or internet?

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Legend2440 4 days ago | parent [-]

Online banking wire transfers are subject to a relatively low daily limit. You must appear in person and show ID to wire large amounts of money.

The victim may also have a chance to cancel the transfer, because they’re not instant. (especially outside of business hours)

It’s just not an attractive way to mug someone, it’s easier to take them to an ATM.

	▲	hvb2 4 days ago \| parent [-]
		This is only true in the crappy system of the US. In Europe a wire is instant with no recourse. Most banks have processes for giving money back in some of these cases.

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fabbbbb 5 days ago | parent | prev | next [-]

Not sure about the distribution, often it’s cash or jewelry that’s already home. Bank tellers and even taxi drivers get increasingly educated to stop such suspicious withdrawals/meetings.

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doctorpangloss 4 days ago | parent | prev [-]

you're suggesting that the poster is shoving his hate of crypto currencies into this conversation, and not making a sincere statement about security that withstands even the tiniest amount of scrutiny?