Standard Bank scam warning

  • Thread starter Thread starter Shaun Jacobs
  • Start date Start date
This isn't limited to Standard Bank. Though the banking app they are getting access to is interesting.

Something is not right. There must be an inside element to all this.

Personal data, well, a lot is out there in the wild.

At least the banks are attempting to warn, and educate, as wide as possible.
 
saturnz said:
the most sophisticated of the scams being fractional reserve banking run by banks themselves
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It's even worse than that... State-licensure acts as a barrier to open competition.

Bingo!! ...

... all beauty, in customer-care, is from then on merely skin-deep.

All those shiny marketing pictures and videos tell you you're in the best hands, while price keep rising and quality falls... gaslighting you into what you actually prioritize in terms of quality.

That's the biggest scam of all.... the pretense of consumer-choice.
 
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lexity said:
It's even worse than that... State-licensure acts as a barrier to open competition.

Bingo!! ...

... all beauty, in customer-care, is from then on merely skin-deep.

All those shiny marketing pictures and videos tell you you're in the best hands, while price keep rising and quality falls... gaslighting you into what you actually prioritize in terms of quality.

That's the biggest scam of all.... the pretense of consumer-choice.
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price rises is a consequence of fractional reserve banking

as stated by Milton Friedman himself, the father of monetary economics
 
saturnz said:
price rises is a consequence of fractional reserve banking

as stated by Milton Friedman himself, the father of monetary economics
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Friedman had some virtues that were so good they were virtually off-planet.

But he wasn't perfect.

For instance, his Free to Choose Series was an absolute gift to humanity.

So... damn... good.

Like I say... off the charts good.

But he unfortunately had his ego stroked by the central-planners. Beginning with that Nobel prize in economics. He was naive in thinking his clarity on market forces, and his ability to explain cause and effect in economic forces, would trump their attempts to co-opt him.

Because, ultimately, they kept his potential capped.

He advocated for: the people, led by expert economists like-himself, holding back the central-planners on monetary policy.

He failed in that. If I'm not mistaken in his later years he admitted to some extent this failure.

But as far as fractional reserve banking is concerned, people say printing money is the problem, but they miss the fact that in the presence of a free market in money, people would choose the money that was printed less i.e. the less harmful the inflation the more successful the money would be in terms of being freely selected for use.

If you take one step back, it's uncontrolled money printing that is the problem, not money printing per se. And when I say it needs to be controlled, I don't mean by yet more central-planners. I mean by role-playing consumers who have free choice as to what to use as money.
 
saturnz said:
says the nameless keyboard economist

cool story tl;dr
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Don't be intellectually lazy.

Pretending that fobbing off my conclusion passes as genuine critique of my entire reply based on the premises I gave... with a casual tldr is very telling.

You can do better than that, saturnz.

Your claim that Friedman settled cause and effect here is just an empty claim until you yourself understand how and why.

Otherwise its an appeal to authority i.e. the Nobel prize.
 
saturnz said:
and what exactly is your bona fides that proves objectively that you are not intellectually lazy?
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Because I read replies.

Otherwise I cannot know that someone else's views don't add up.

I don't rely on a final authority on some topic. I look at the reasons given and I consider all future challenges worthy of consideration.
 
lexity said:
Because I read replies.

Otherwise I cannot know that someone else's views don't add up.

I don't rely on a final authority on some topic. I look at the reasons given and I consider all future challenges worthy of consideration.
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so self confirmation
 
saturnz said:
so self confirmation
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As a well-informed lay person you don't need to know every minute detail on the history, or every input to modern economic models.

It's actually nowhere near as burdensome a task to get a solid grasp of the topic as that.

The lay person does need to put in some effort. For example merely reading to be able to tell the difference between Austrian, Chicago and Frankfurt schools of economics would give you a strong framework to make sense of both history and the present.
 
I once also thought money-printing per se was the problem.

It's not.

The scam is State-regulation of markets, in this case the market in money, portrayed as a net-benefit, to the unsuspecting consumer.
 
lexity said:
As a well-informed lay person you don't need to know every minute detail on the history, or every input to modern economic models.

It's actually nowhere near as burdensome a task to get a solid grasp of the topic as that.

The lay person does need to put in some effort. For example merely reading to be able to tell the difference between Austrian, Chicago and Frankfurt schools of economics would give you a strong framework to make sense of both history and the present.
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just because you say you are well informed, doesn't mean you are well informed

I asked for objective evidence before, you simply responded with self cofirmation
 
saturnz said:
just because you say you are well informed, doesn't mean you are well informed

I asked for objective evidence before, you simply responded with self cofirmation
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You didn't ask for objective evidence of me being correct.

You asked for proof I'm not intellectually lazy....

what exactly is your bona fides that proves objectively that you are not intellectually lazy?
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The proof is what I sad... I read to understand, instead of deferring to authority.

That is proof I'm not intellectually lazy.

You asked me for self-confirmation, you moegoe.
 
lexity said:
You didn't ask for objective evidence of me being correct.

You asked for proof I'm not intellectually lazy....



The proof is what I sad... I read to understand, instead of deferring to authority.

That is proof I'm not intellectually lazy.

You asked me for self-confirmation, you moegoe.
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I'm not asking, I'm stating your understanding is a process of self confirmation
 
Fulcrum29 said:
This isn't limited to Standard Bank. Though the banking app they are getting access to is interesting.
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Where is this in the article?

What I see is
In some instances, the link may disrupt the customers’ device, giving the fraudsters remote access and total control.
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However I believe that's concerning remote access to the device.
 
First thing is getting in contact with your bank, SARS or whatever institution is allegedly involved. Calling an official number, or better yet going into a branch. Even if the scam is initiated through a call to you - If there's an attempt to prevent you from contacting the institution directly by calling them yourself, especially through threatening statements, then you can safely put down the phone and ignore it. No matter how threatening the callers are. The real SARS, or Bank, or even the police will by and large rather encourage you to contact them directly. And if they don't then they'd get an earful from me about. Any given issue has some form of ticket number associated with it. Real issues can be dealt with over any number of calls/visits.

Myself... I've even gotten threats that alleged compromising video will be released if I don't do x and y. I LOL'd, and then flat out ignored it. Because, aside from the chances being super low:
  • Who cares...?
  • Deepfakes era - Asshats can whip up any number of convincingly compromising videos of anybody. And then release it with or without some attempt at coercion. PR isn't a concern for me to start with. I feel sorry for those for whom it is, i.e. famous people, but then... They probably get a few thousand such scam attempts per day by now, I'd imagine.
 
I keep on getting these sms saying I need to Fica my Standard Bank account I have probably gotten over 20 this year.
I don't even have a Standard Bank account. Is anyone else getting them?
 
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