Banking scams ...How are Bitcoin better?

[Joeyp]

Bitcoin in not better than banks payment, because with bank payment - credit/debit card you can pay for everything, with Bitcoin you can not. Plus bank payment with credit/debit card is instant. With Bitcoin - all confirmations can go in 30 minutes, but can go also in 3 days, who knows.

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[dunfida]

The Banks are continuously improving their service with offering that are more user-friendly and easy to use. One example of this are "Contactless Card Payments" where you tap your card for small purchases.

The scammers have figured out how to use that service to their advantage... by simply tapping it continuously (if it is not limited) and if it requires a pin... by watching you and following you after you have made a purchase. (They then take your card by force and physically tap it until your account are empty)

They also use card skimming devices to "clone" your card and use pin hole cameras to capture your pin while you are typing it. They can even bump into you with a device that will initiate a small purchase from your card that can "tap" 

Your credit card are constantly under attack, when you use it online and your Banking Apps are making you a target, because they only need access to you to force you to enter your pin... then they can change daily limits and transfer as much money as they like. (Local criminal syndicates work with Bank employees to identify potential targets.)

So, I was thinking... How can Bitcoin be better? Can we find better solutions for these attacks and will these solutions still give us ease of use? (No complexity but still user-friendly)

Share your experience with these Banking problems and give possible solutions for this, because we will draw a lot of people to Bitcoin, if we find innovative solutions to problems like this. 

So far i didnt really be able to experience with those Banking problems which that you had mentioned after all the years i've been owning a credit or debit card on which i do also being active with online purchases or even

making use of contactless payments which is usually on fastfood chains or even having my grocery considering that department stores or grocery stores in malls does really accept with those kind of payment system
on which it cant really be denied that it do really bring out that kind of convenience on which a certain person could really be able to do so and this is something that we do much prefer on doing.
After all the years i've been doing this then luckily im not really be able to experience those kind of loss of funds or being that forced out inputting some passcodes or whatsoever.

 About skimming and other attacks, then it wont really be that something possible if you do really just make use of your common sense on how to make yourself that safe and really be able to
avoid with those kind of potential attacks around you. You cant really be exploit out if you wont really be putting up some holes for them to begin with.
How Bitcoin would be able to solve these problems? p2p transactions yes, but coin security then it would really be just the same. You would be needing to keep those keys out from other
peoples awareness.

[Sim_card]

Banks are centralized and this makes it easy to be scammers to get whatever information that they want in other for them to scam you. Bitcoin is decentralized and only you have the control over your coin. The safety of your coins is your own responsibility, if you didn't not follow the proper safety rule on how to safeguard your wallet, you might be scammed. As for banks, so many people will have access to your account, either through your credit card or even a third party from the bank can sell out your information to scammers. Bitcoin is far better than banks when it comes to safety of your funds, and in the aspect of purchase of goods and payment of services across boarder. As long as it is money there must be people out there that are looking for various means to steal money from people either bitcoin or fiat.

[ChiBitCTy]

I'm not sure what you list out here as "bank scams" are actually the banks fault rather scammers utilizing banking equipment to run scams.  Now don't get me wrong, big banks are straight up criminal life-time scammers and are very good at it, but some stuff is outside their control such as skimmers and what not.

Bitcoin man in the middle type attacks and things of that nature also pose a threat, but at least you're controlling your money versus some big corrupt bank.

[BitDane]

So, I was thinking... How can Bitcoin be better? Can we find better solutions for these attacks and will these solutions still give us ease of use? (No complexity but still user-friendly)

Those things that you stated can also be done with Bitcoin.  Just like how the criminals can force us to get our pin, they can easily  do it to get our BTC wallet seed phrase.  The only difference is that there is no third party that can assist this criminals to choose prospect and if the Bitcoin holder is somehow take good care of his privacy, these criminals won't have a chance to find out the person who owns the address that has lots of Bitcoin funds.

Share your experience with these Banking problems and give possible solutions for this, because we will draw a lot of people to Bitcoin, if we find innovative solutions to problems like this. 

I do not experience any inconvenience with banks since I only use them to process the conversion of BTC and withdraw cash.

[Kakmakr]

The scammers have figured out how to use that service to their advantage... by simply tapping it continuously (if it is not limited) and if it requires a pin... by watching you and following you after you have made a purchase. (They then take your card by force and physically tap it until your account are empty)

That's not how transactions happen.
Each generation has a unique key, tapping on it multiple times won't make a double or triple purchase. The "scammer" would have to issue a new payment every time to charge you and that is not done in a second, there is a built-in delay in every of those PoS.

Second, you won't get a contactless card to trigger a confirmation by following a guy, it barely works 2 cm directly from the sensor, and I've used this thing a thousand times to realize it makes no sense even bumping into somebody with it, one layer of clothes and a wallet are enough.
Besides, this whole thing just highlights how banks are better than Bitcoin here, you have chargebacks, and you can get your money instantly back, with Bitcoin good luck, who are you going to call?

They can even bump into you with a device that will initiate a small purchase from your card that can "tap"  

As I said above, this is bs! You've never seen or used a contactless card right?
And what is the scammer going to do, wait 30 days hoping you're not going to ask your bank about this, and then go to his own bank and withdraw the money they have scammed from you. Really? What's next drug dealers coming to the police to demand damages for getting paid with fake notes for fentanyl?

Share your experience with these Banking problems and give possible solutions for this, because we will draw a lot of people to Bitcoin, if we find innovative solutions to problems like this.

Ok, so this is a bank-hating topic, not a topic about facts, got it!
Let's lie to ourselves cause that will make us feel better!

Ok, so it seems like someone pissed in your soup today.. but I will ignore that.

As a matter of fact, I have several cards with the contactless payment option "enabled" ....Yes, you can ask the Bank to disable it, but most people find it convenient and during "Covid" it was the safer option, because you did not have to type in a pin.

One of my close friends had their wallet stolen and the thief got hold of two of his cards where the "tap" feature were enabled. The one Bank allowed "unlimited' tapping for small amounts and the criminal went to a tavern in the informal settlement, where merchants do not ask questions and he bought alcohol ..until the account was empty. (Luckily the other card had a daily limit, so they could only tap until that limit was reached and then it was blocked)

Also, the optimum distance for the contactless payment are 4 centimetres or less, the signal are rapidly decreasing and can never exceed 10 centimetres.

The fact of the matter is, criminals have found ways to exploit payment systems ....not just with payment systems used by Banks and if we can find safer options to protect our wealth, then we should brainstorm ideas to do that with Bitcoin.

I was a victim of two incidents, where money was stolen from my Bank (online & offline) ...and that was one of the reasons why I started using Bitcoin. (I Googled for alternative payment options and I found Bitcoin) 

[gunhell16]

The majority of individuals in the world we live in are aware that Bitcoin is far safer and more secure than a bank. Like others who have commented on this topic, I don't even use a credit card, let alone a debit card. I just have one card, from
E-wallet, which I may use to withdraw money from any ATM in our neighborhood.

Additionally, I convert the cryptocurrency I earn into what we have been trading for a few years using this software wallet whenever I have a peer-to-peer transaction.

[stompix]

Ok, so it seems like someone pissed in your soup today.. but I will ignore that.

At least I had some soup!
When you have on this forum 10 people that tell you that you don't have a clue what you're talking about it's time to retreat in the background!
Some of you don't realize how this kind of made-up praising for BTC can backfire, seriously, now when everyone has been complaining for months about the mempool, and how costly it is to make daily transactions how you can just wait or use another coin you're telling people to use BTC over cards? Yeah, they sure do, 400k out of which 300k are drawing monkeys in the blockchain versus 1 billion daily!

Just think twice:
- your friend gets his card stolen and is unblocked ready to spent, he can still call a bank to block it
- your friend loses his smartphone with his wallet without a pin, how safe are his bitcoins?
When you make up stories at least think twice before letting them out in the open!

As a matter of fact, I have several cards with the contactless payment option "enabled" ...

You really fell hard for this one     . I think you got my soup bowl.
So, if:
- banks are scams
- cards are stupid and faulty

Why za fk are you a Bitcoin lover in possession and using "several cards" from the evil scamming banks that suck our blood?

The "scammer" would have to issue a new payment every time to charge you and that is not done in a second, there is a built-in delay in every of those PoS.

I think that the OS is what protects the user in the case that someone steals their phone. There is a timeout setting, wherein the user has to authenticate the transaction. I'm a Google Pay user, and I've noticed that if I leave my phone open for a couple of minutes, I cannot make a payment. I'll have to turn off and on.

No, I was talking about the attacker side, OP claimed that the attacker can come to you and in a matter of seconds empty your card by just bumping into you.
The PoS has a delay, after each confirmation it does another PoS to Visa(for example)  transmission on ending the session, then when you feed it with another recipe for another sum it will not get the key to initiate the transaction without a delay, no matter how fast you try to do it you will not get it ready in one second, it's the terminal itself that limits this.

Banks go better and cheaper than in the past. What you wrote here seem to be over-inflated stories from people who don't really use cards.
~
The list may be longer too. As you can see, the list is not small, so we can better discuss on the facts, not on various... tales.

I don't understand why every single time they need to be praising Bitcoin they go for the wrong stuff.
But I assume it's because deep in their hearts they know they're making the same mistakes with Bitcoin as they do with Fiat!

Trusting Binance or Kraken with their coins and KYC, not creating a back-up, using their wallets on the same smartphone they have downloaded one hundred shady apps, and the list can go on and on and on, the real advantages are still here but they want they cling to have been gone for years, it's no longer 2009 anymore.

[bluebit25]

I think the issue here should be looked at in terms of improving people's ability to use different services. There is no area that completely guarantees our risks. Only when there is a problem do we we just learned about it. I think that whether banking or using bitcoin has its own positive and negative aspects compared to the current context, there is not necessarily a comparison between them. However, I have seen that in recent years, online payment has become more and more convenient for small spenders, I can see myself easily paying for a pen online.

[serveria.com]

The Banks are continuously improving their service with offering that are more user-friendly and easy to use. One example of this are "Contactless Card Payments" where you tap your card for small purchases.

The scammers have figured out how to use that service to their advantage... by simply tapping it continuously (if it is not limited) and if it requires a pin... by watching you and following you after you have made a purchase. (They then take your card by force and physically tap it until your account are empty)

They also use card skimming devices to "clone" your card and use pin hole cameras to capture your pin while you are typing it. They can even bump into you with a device that will initiate a small purchase from your card that can "tap" 

Your credit card are constantly under attack, when you use it online and your Banking Apps are making you a target, because they only need access to you to force you to enter your pin... then they can change daily limits and transfer as much money as they like. (Local criminal syndicates work with Bank employees to identify potential targets.)

So, I was thinking... How can Bitcoin be better? Can we find better solutions for these attacks and will these solutions still give us ease of use? (No complexity but still user-friendly)

Share your experience with these Banking problems and give possible solutions for this, because we will draw a lot of people to Bitcoin, if we find innovative solutions to problems like this. 

Now, more and more people are using Apple Pay or Google Wallet which eliminates most of the issues you have mentioned in your post. Frankly, I don't even remember when I had to use my plastic card for the last time.

As to the Bitcoin vs banks discussion, I guess mostly it depends on how you treat your money/assets not the technology you're using. Breaking some basic safety rules will lead to losing your funds and/or coins.

[posi]

Banking scams

But I want to ask you, are you still using banking or have you really left it out of your life and your family? If you and your loved ones still use it in daily life, you should not speak ill of it, speaking ill of the things you still have to depend on every day will not help you get better. Furthermore, us bad-mouthing banks and fiat doesn't make bitcoin any better. If bitcoin is really good then people will recognize it and seek it out without having to badmouth fiat and banks. I am confident about the potential of bitcoin, one day everyone will need it because it has everything they need. They will realize for themselves what is bad and what is good for them.

[Odohu]

So, I was thinking... How can Bitcoin be better? Can we find better solutions for these attacks and will these solutions still give us ease of use? (No complexity but still user-friendly)

Bitcoin is already better because there are no cards and the chances of being scammed similarly to some bank scams have been reduced already to the least. If you will loose bitcoins to scam or to thieves, it is because of personal reasons like ignoring security tips like keeping your key safe, not clicking links you do not understand, or not acting fast enough to follow some security advice. If security tips and advice can really be followed, you will never be a victim of any form of scam.

The post is aimed at seeking ways Bitcoin can offer solution to the problem already identified. I think this should challenge us as believers in Bitcoin to manifest our creativity by proffering Bitcoin-based solution to the identified problems. I have once used Swipecoin which is pretty decent and cool to use. It was a wonderful Bitcoin payment system that was able to solve my problem then.

To foster mainstream adoption of Bitcoin, there should be innovations that places Bitcoin as a preferred alternative to other payment systems. If we think in this direction, we could better contribute to the success of this amazing technology such that governments and the institutions will be left with no other choice than to align.

[Hamza2424]

I am not a big fan of banks, only use them when I have to withdraw money in local currency. I don't use debit or credit cards (for loan purposes) but to use ATM only. Not a fan of banking products which are nothing but a show-off. The point is, bitcoin is far better than banks in a hell lot of ways for example:
Decentralization
Full transparency
Faster transaction
Lesser taxes and fee
Besides that, there are more banking scams but fewer scams in BTC technology.

Hmm, Quite resembling thoughts.. But for the scams, I think if users have not adopted the proper security measures the chances of a scam in Bitcoin re more higher than a regular banking system transaction and there can be no claim on the Bitcoin network because you've lost the funds due to your own errors, But in the banking sector if the amount is greater than a specific limit you file a case and by proper investigation if its their mistake you claim the compensation dn the refund as well.

Refunds on the Bitcoin network are rare as far as I know the most recent one is the USD-500K or 20 BTC overpaid transaction fee. The funds stolen from the user cant be tracked as the hacking is going use some kind of anonymity and nontraceable tricks and it will be around impossible to file a claim on it as this network brings a lot of merits for us but at the same time, we need to be careful for our own security.

[AicecreaME]

Fiat system is easy to hack compare to the complicated system of cryptocurrency which makes it unique.

A lot of money being stolen freely by hackers or an inside job in a bank always happen because of its security. For me, I think the attacks that happened and still happening in some banks are not always because of hackers, it is the bank itself lowkey stealing their customers money by just blaming it to a third party, some of them didn't even give any compensation for the lost money of their customers, that's why I never trusted the banking system.

[pawanjain]

The Banks are continuously improving their service with offering that are more user-friendly and easy to use. One example of this are "Contactless Card Payments" where you tap your card for small purchases.

The scammers have figured out how to use that service to their advantage... by simply tapping it continuously (if it is not limited) and if it requires a pin... by watching you and following you after you have made a purchase. (They then take your card by force and physically tap it until your account are empty)

They also use card skimming devices to "clone" your card and use pin hole cameras to capture your pin while you are typing it. They can even bump into you with a device that will initiate a small purchase from your card that can "tap" 

Your credit card are constantly under attack, when you use it online and your Banking Apps are making you a target, because they only need access to you to force you to enter your pin... then they can change daily limits and transfer as much money as they like. (Local criminal syndicates work with Bank employees to identify potential targets.)

So, I was thinking... How can Bitcoin be better? Can we find better solutions for these attacks and will these solutions still give us ease of use? (No complexity but still user-friendly)

Share your experience with these Banking problems and give possible solutions for this, because we will draw a lot of people to Bitcoin, if we find innovative solutions to problems like this. 

Don't you think that all of these issues are present because of the ease of convenience of credit cards ?
Any person can increase/decrease the credit card limit by just logging into their account and just doing few clicks.
We have physical credit cards so that we can easily make payments.
Further more they added tap feature to make it more easier to make payments without any pin.
All of these are making us more lazy, less secure and more prone to attacks.

Bitcoin is already better by making it harder for attackers since we have to enter the address, the private key/pin, double check everything and then make the payment.
There might be a little inconvenience in using bitcoin (although I don't feel it) but it's worth it considering the fact that we own our coins and it is secure.

[Clark Anderson]

Honestly bitcoin is way better than banks, know of someone whose account was hacked and a whole sum of 68million was removed from the person's account.

You don't expect a basic thief or a basic bank hacker to have the mindset that the person they are about to steal from has everything in bitcoin, most of them only know of bank savings.

I understand that a person can be forced and obtained of their secret pass phrase by a robber but that would be 1 robbery case out of 500 cases. It is still very rare for it to occur.

So bitcoin is still the best, it is the last thing any thief will want to think of.

[Blitzboy]

So, I was thinking... How can Bitcoin be better? Can we find better solutions for these attacks and will these solutions still give us ease of use? (No complexity but still user-friendly)

Bitcoin is already better because there are no cards and the chances of being scammed similarly to some bank scams have been reduced already to the least. If you will loose bitcoins to scam or to thieves, it is because of personal reasons like ignoring security tips like keeping your key safe, not clicking links you do not understand, or not acting fast enough to follow some security advice. If security tips and advice can really be followed, you will never be a victim of any form of scam.

The post is aimed at seeking ways Bitcoin can offer solution to the problem already identified. I think this should challenge us as believers in Bitcoin to manifest our creativity by proffering Bitcoin-based solution to the identified problems. I have once used Swipecoin which is pretty decent and cool to use. It was a wonderful Bitcoin payment system that was able to solve my problem then.

To foster mainstream adoption of Bitcoin, there should be innovations that places Bitcoin as a preferred alternative to other payment systems. If we think in this direction, we could better contribute to the success of this amazing technology such that governments and the institutions will be left with no other choice than to align.

We must work together if we want Bitcoin to solve problems. Your positive Swipecoin experience shows this. These stories and experiences must be shared to help everyone comprehend Bitcoin's real-world applications.

When discussing "fostering mainstream adoption," we may become bogged down in terminology. How is "mainstream adoption" defined? Do we mean everyone using Bitcoin for daily transactions or widespread acceptance and trust in Bitcoin as a currency? This problem could get in the way of our group goal.

However, your point is good. Our goal should be to innovate such that Bitcoin becomes the only option for governments and institutions. We can advance Bitcoin through regular dialogue and fresh thinking.

[Peanutswar]

One of the common schemes right now happening in my country there's some unknown numbers keep calling and once you answer they didn't even respond seems like people are checking if your number are still active or not so there's a possible smishing they can provide you often, actually its always tired to have a message every day to an unknown number related that they are promoting a gambling casino, bank issues (issue on a bank that I even don't have lol), its glad that our phone right now are automatically blocked spam numbers. We have a SMS KYC but still they cant manage it to prevent those spammers keep doing this. As long as you didn't give any info and OTP still possible consider as safe.

[Benedictare]

Too many people are careless, they would also be careless with bitcoin.

Bitcoin is very secured far better because you are not being called to send your bank details orally or by text messages ,in Bitcoin you have your details within you,no one can encroach your private account you only give out your details by yourself to whoever you wish to, which I don't think you will,it is due to our carelessness or our quest for more money that some of us fall into some of these scammers. Just imagine you were sent a text message that you have been qualified or selected to have one million, money  you did not work for and you hurriedly followed the instructions which you have been asked o do after a few moment you started receiving debit alerts all you money have been transferred, who is to blame. Carefullness should be our watch word either Bitcoin or Bank

[bhadz]

The advantage of owning Bitcoin from the banks is that we're all responsible for our own money. If something goes wrong then it's our fault and we're not going to blame any people or any third party service for it. While hackers and scammers are everywhere, it's happening every day.
Targeting our banking accounts and also our Bitcoin wallets depends on where you're active the most. Let us say about those success attempts in the bank/credit card accounts, only the company providers can trace those transactions and they can figure out where the money are spent. Whilst on Bitcoin, the transaction is on blockchain but we'll never know where it is transferred. So, there are pros and cons from both of it but no matter, f the banks, we're all for Bitcoin.