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Reply to "PSA — forged check wiped out my checking account"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Wow thanks for this PSA! In Europe people routinely give out their bank account numbers for people to transfer money in without problems, I don't know why we have such an insecure system here.[/quote] Europe uses the SEPA system and bank account numbers can only be used to send money to, not withdraw money from. So who cares if someone has your number -- they can only give you money, not take it away. The US uses ACH, which allows both directions of transactions, since it was designed for an earlier era. There is a new version of this on the way, but it'll be years, partly because we have 10,000+ banks that would need to ugprade their systems, and it's a massoive undertaking. Remember when your creidt cards didn't have a "chip' in them? That was a 2-3 year effort to get all those upgraded, and I still now and then come across a point of sale system where I need to swipe.[/quote] Interesting – thanks for the information![/quote]
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