Crypto send via wrong network to Luno.

[Snyper564]

EFTs can absolutely be reversed. Crypto can't. Add to that the fact that crypto addresses are so long and complex (alphanumeric) and you have a recipe for disaster.

Copy paste check thrice. No issues.

If ppl arnt careful they learn fast enough..

 

[SauRoNZA]

EFTs can absolutely be reversed. Crypto can't. Add to that the fact that crypto addresses are so long and complex (alphanumeric) and you have a recipe for disaster.

On the flipside they have easy QR codes to negate it, something normal bank accounts desperately need.

 

[NarrowBandFtw]

Chances are much higher you'll get your money back if paid into a wrong account

only if the account holder cooperates, the bank won't act without their consent

If you paid into a dormant or non-existent account it usually bounces back after a few days

true

EFTs can absolutely be reversed

that is against PASA rules fyi, so no, it can't, not without the consent of the receiving party

 

[Snyper564]

EFTs can absolutely be reversed. Crypto can't. Add to that the fact that crypto addresses are so long and complex (alphanumeric) and you have a recipe for disaster.

Copy paste check thrice. No issues.

If ppl arnt careful they learn fast enough..

Check thrice is the operative bit... Copy paste is insecure. Malicious software can replace the clipboard contents... And whatever you do, don't copy keys. The clipboard is not private.

Are mainstream mobile apps secretly reading your clipboard?

Mobile apps might be accessing your passwords and sensitive data. Here's what you need to know about apps secretly reading your clipboard.

www.avira.com

Same logic applies to ppls online banking Sim swaps etc taking place. Everything is vulnerable

 

[SauRoNZA]

That in itself can be a weakness as it's not human readable. Malicious software can spoof alternate addresses and you would be none the wiser.
Human nature is to trust the tech when you've become familiar with it.
Trust but always verify - something not everyone is in the habit of doing. I always check at least the first and last 3 digits.

You can still verify it, the mechanism to enter the details is just much better as no human error can occur during the typing process.

Between every person writing banking details differently with spaces or even hyphens it becomes very annoying and error prone to have to put banking details into apps or websites.

There should be a better way. QR codes still isn’t the best but does help quite a bit.

 

[SauRoNZA]

Much better in some aspects - and that creates a false sense of security, but there are many ways to compromise that. Even client side JS can replace a legit image with another.

...true, but at least it's reasonably short.

Agree. Something new needs to happen. QR codes are a time bomb. People are curious by nature and the same thing that makes us click malicious links can drive us to scan malicious codes (unrelated to this issue of course)... Any good site should IMO highlight the first three and last three digits of the code as it is entered or captured from a QR code.... And provide those 6 digits from the source that you scan or copy for verification that what you scanned is what you expected it to be. The chances of a malicious actor having a different address from the correct one but with the same first three and last three characters is virtually nil.

I mean it really shouldn’t be that hard for banks to reply to a query and say “yes this account belongs to X like you think it does” as a double confirmation.

Fortunately we are becoming less and less reliant on EFT as a concept, especially considering how it’s not insured in any way.

 

[supersunbird]

Using crypto is easy they said...

 

[Snyper564]

Using crypto is easy they said...

View attachment 1260120

No one said its easy. Ppl can't deal with all the responsibility for their actions having irreversible reactions.

 

[Speedster]

only if the account holder cooperates, the bank won't act without their consent


true


that is against PASA rules fyi, so no, it can't, not without the consent of the receiving party

But spending the money erroneously deposited in your account is theft.

 

[Speedster]

I mean it really shouldn’t be that hard for banks to reply to a query and say “yes this account belongs to X like you think it does” as a double confirmation.

Fortunately we are becoming less and less reliant on EFT as a concept, especially considering how it’s not insured in any way.

Some banks now have this account validation function