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[-] FuglyDuck@lemmy.world 9 points 3 months ago

You do realize that if the bank authorizes a transfer, that you did not… it’s wire fraud and they’re obligated to refund that cash, regardless if they recoup the cash or not.

Their fuck up, their loss.

On the other hand, if you give your credentials to a 3rd party, that’s against the ToS none of us actually read, and if something happens to your account; they’re going to deem it as your fuck up.

As for whatever technobabble Plaid wants to use, even if they’re insured… you’re not, unless you can prove in court that they were the source of the breach. Their lawyers are probably better than yours.

[-] Chozo@fedia.io 1 points 3 months ago

You do realize that if the bank authorizes a transfer, that you did not… it’s wire fraud and they’re obligated to refund that cash, regardless if they recoup the cash or not.

You do realize that not every transaction happens in countries where these protections exist, right? Not everybody can rely on something like the FDIC to protect their funds.

On the other hand, if you give your credentials to a 3rd party, that’s against the ToS none of us actually read, and if something happens to your account; they’re going to deem it as your fuck up.

You're not providing your bank credentials directly to the third-party, either. They use OAuth-like systems to log you in, typically. I'm not familiar with Ozow, specifically, but from what I can tell about their company, they appear to be doing mostly the same things as Plaid.

[-] FuglyDuck@lemmy.world 5 points 3 months ago

You’re not providing your bank credentials directly to the third-party, either. They use OAuth-like systems to log you in, typically. I’m not familiar with Ozow, specifically, but from what I can tell about their company, they appear to be doing mostly the same things as Plaid.

Plaid or Ozow is the third party. You're using their system, which they control, to provide your credentials.

You're trusting that a) they're not malicious and b) they have their shit together and c) even though they do have their shit together someone doesn't find a random exploit anyhow.

As for the first. yeah. that's a problem. At that point it really doesn't matter, does it? why would you trust Ozow or anyone else in that sort of environment with your banking credentials? or even the bank with your money?

[-] Chozo@fedia.io 2 points 3 months ago

You're trusting that a) they're not malicious and b) they have their shit together and c) even though they do have their shit together someone doesn't find a random exploit anyhow.

You could say this about literally any solution short of hand-delivering cash in person.

this post was submitted on 24 Sep 2024
397 points (98.5% liked)

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