Comment by doodlebugging
16 days ago
Time for CashApp founders and C-levels to be held personally liable for creating a system with so few checks that it appears to be designed to facilitate fraud and theft.
Then you sue all the law enforcement officers and local officials who are attempting to lay the blame for this on someone they should know is likely innocent. Make all of the financial liability for this lazy investigation come directly from the pockets of the cops and prosecutors until they have nothing left to their names and then extract every thin dime that you can from the city that hired or elected these clods so that the whole city is bankrupted.
Money is obviously the only thing that talks in this society. Make all these assholes pay with everything that they have managed to accumulate in their lives and kick their asses to the curbs after pointing at a dumpster and telling them that they can likely find some cardboard suitable for beggar signage. They'll need to supply their own writing tools though.
I often think of this audio-skit, Identity Theft by Mitchell & Webb, wherein the bank is regretfully informing a customer that their Identity has been Stolen, which is totally not in any way the bank's responsibility or problem...
https://www.youtube.com/watch?v=CS9ptA3Ya9E
>for creating a system with so few checks that it appears to be designed to facilitate fraud and theft.
I'm too lazy to create and verify a cashapp account, but so far as what I can find online they do SSN/name check + id check + selfie (liveliness) check. What more do you want?
> they do SSN/name check + id check + selfie (liveliness) check.
They obviously failed to do that here.
> SSN/name check + id check
Almost everyone's info of the above kind is available on the dark web, as the original article about this case explained. That situation is the result of everyone collecting KYC information while also being too incompetent to properly guard it.
> + selfie (liveliness) check
I don't know what this is, but it protected nothing and it's apparently useless.
Then, after the fraud CashApp protected the fraudster by stonewalling the victim and the lack of exculpatory evidence led to the filing of formal charges.
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All I know is cashapp is designed in such a way that when I hear people want to use it I bail immediately because it's a strong signal a scam is about to happen, and my other financial services don't have that property. It's empirically good at facilitating fraud and theft. I'd be curious in someone doing a deep dive to figure out why.
Whatever is needed to prevent fraud perpetuated on their platforms.
>Whatever is needed
Someone made a fake account -> we need "Whatever is needed" to make creating fake accounts harder is exactly the wrong way of thinking about it. It's the same kneejerk reaction that got us PATRIOT act and TSA after 9/11.
https://www.bitsaboutmoney.com/archive/optimal-amount-of-fra...
Or if you're more swayed by social justice, all these onerous checks also makes it harder for "unbanked"/"underbanked" people access to the financial system, which has real harms for them.
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The optimal amount of fraud is non-zero.
This statement is obvious to anyone who has any experience dealing with fraud, but shocking if you haven’t thought much about it.
It’s actually impossible to completely prevent fraud on a platform because there are so many variations of fraud that can’t be prevented up front.
They could demand in-person DNA samples to open an account and there would still be some fraud.
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Say goodbye to being able to pay for anything by credit card unless accompanied by valid state ID, passport. and iris scan.
They would probably have to send out an agent to your house to live with you and watch you make every transaction to ensure it’s legitimate.
And, even then, you might lie to the agent or maybe strike up a deal or something so… even that wouldn’t work.
The ideal number of fraud is not zero, if it was zero we would either be living in a dystopian novel or not using the service at all.
If the article is correct, I was surprised that the lawsuit doesn't appear to include CashApp. Definitely appears they were negligent here as well.
Nice revenge fantasy bro
Apathy is the main thing allowing this to be a fantasy result. Maybe if enough people are caught up in bullshit like this where their lives and reputations are tarnished due to fraud perpetrated by someone else then we can energize some societal changes that pin the reputational damage and financial penalties on the correct donkey.