lane on Nostr: Yes, Bitcoin (more broadly, crypto) companies are a huge target for scammers. Buy ...
Yes, Bitcoin (more broadly, crypto) companies are a huge target for scammers. Buy Bitcoin, withdraw, call the bank to reverse the transaction, repeat.
Honestly, we (Swan) have done a really good job managing this as compared to our peers, but we're always wanting to do better. A single $10,000 reversal is 1000's of customers worth of lost revenue...
Good point re: scammers could continue entering routing/acct. We'd be put in a position where we're only offer faster unlock times for people verifying with Plaid (which, to my original point, perpetuates the surveillance/honeypot element of this).
It's a tough spot to be in.
Honestly, we (Swan) have done a really good job managing this as compared to our peers, but we're always wanting to do better. A single $10,000 reversal is 1000's of customers worth of lost revenue...
Good point re: scammers could continue entering routing/acct. We'd be put in a position where we're only offer faster unlock times for people verifying with Plaid (which, to my original point, perpetuates the surveillance/honeypot element of this).
It's a tough spot to be in.