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rukioish t1_jeba975 wrote

Reply to comment by redyellowblue5031 in It's becoming increasingly clear that fintech has a fraud problem by marketrent

How are there no laws binding these types of money transfer applications from having liability? I would assume the trade off of convenience is the application accepting the risk, but oftentimes there are no downsides for the provider.

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redyellowblue5031 t1_jebdnwc wrote

There are some laws, but given the relatively young age of the tech, regulations haven’t caught up and it is a hard topic to broach.

If someone tricks you into giving them money, right now there isn’t a way to really do much because you pushed the send button. And should there be? This is part of the question.

One way to reduce this is to make it harder to join these types of P2P payment platforms and put other authentication and authorization “road blocks” in place. How many need to go on to strike a balance between security and keeping the service relevant? That’s yet to be seen.

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