erik on Nostr: Interesting trend: The average citizen is expected to self-custody but is not ...
Interesting trend: The average citizen is expected to self-custody but is not provided the tools
Governments, banks and various companies are relying more and more on digital signatures.
There is an expectation that digital signatures hold value in court. "I've been hacked" is a legally valid excuse but not something banks want to hear.
However, phising and fraud with digital banking is rampant and banks seem to be unwilling to make victims whole.
In Belgium I see increased acceptance of 'less secure ' applications. An example is, "It's me" smartphone App that can be used to
- plunder bank accounts
- put legally binding bids on real estate
- sign agreement of legal cohabitation (similar rights/obligations to civil marriage)
- take out a loan in your name
- opening a bank account
- access and file court documents
- access medical records
- start a company in your name
- start/stop telecom contract
- get invoices of my telecom contract including my full call history
This only requires access to the user's smartphone and a 6-digit PIN.
Bitcoin might have no customer support but at least hardware wallets are widely available.
Governments, banks and various companies are relying more and more on digital signatures.
There is an expectation that digital signatures hold value in court. "I've been hacked" is a legally valid excuse but not something banks want to hear.
However, phising and fraud with digital banking is rampant and banks seem to be unwilling to make victims whole.
In Belgium I see increased acceptance of 'less secure ' applications. An example is, "It's me" smartphone App that can be used to
- plunder bank accounts
- put legally binding bids on real estate
- sign agreement of legal cohabitation (similar rights/obligations to civil marriage)
- take out a loan in your name
- opening a bank account
- access and file court documents
- access medical records
- start a company in your name
- start/stop telecom contract
- get invoices of my telecom contract including my full call history
This only requires access to the user's smartphone and a 6-digit PIN.
Bitcoin might have no customer support but at least hardware wallets are widely available.