So would I, but I think this is the part I disagree with really. Understanding what is and isn’t protected I feel goes beyond the knowledge of a lot of people.
Also client money should be separate for e-money institutions, they shouldn’t be holding any of it (at least in the U.K. that’s how it works) and there should be accounting practices that prevent money from going missing like this.
I don’t actually know how this is regulated in the US and tbh US finance regulation still seems to be an absolute mess, which is deeply troubling for all of us.
Personal sympathy is one thing, I was more trying to make the point that this should really not be seen as a story of ‘people were just stupid with their money’ and should really be seen as a colossal f-up for the regulators.
Can’t point at the businesses and say it’s their fault every time.
Without knowing the facts it’s easy for us here to have an opinion but having worked in fraud and the data seen from a legacy bank POV, I can imagine Revolut has far better systems in play and wouldn’t have just let it slip if it was out of character (granted mistakes aren’t impossible, but generally very infrequent).
Stuff like this is near 100% the customers fault at some point in time. It’s not easy to access someone’s account without you letting them in one way or another.
Yes, but in one case quoted in this forum somewhere, there was a 50% charge to administrative expenses when they got wound up. Safeguarding that emoney places do is way less secure than bank FSCS protection.
That’s not what happened in this case though - the money is literally missing - like no one knows where it is. If it was just the admin fees then sure that wouldn’t be a failure of a regulator.
Yeah, I can clone my voice on ElevenLabs and do the same thing. Even clone anyones voice from snips of audio.
So creepy.
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NewNewNanoOp
(NanoOp lost his 2FA a month ago)
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Doesn’t work at all banks. The one I work for, shows us if it’s this, the customer/would be fraudster has no clue we know. I suspect other banks have similar systems
It also doesn’t just use the recording initially, from working at various call centres.
Even if it did, no software is bullet proof. It would be pure hubris to dismiss the possibility on the basis of this software alone. It’s a when, not if scenario.
Mastercard has reached an agreement in principle to settle a class-action lawsuit brought by British consumers over card fees. The settlement, valued at around 200 million pounds, aims to provide compensation to approximately 46 million adults in the UK.
