Banking scams ...How are Bitcoin better?

[BlackHatCoiner]

I don't understand why every single time they need to be praising Bitcoin they go for the wrong stuff.

Does filling the post quota cross your mind?  

The easiest way to make abundant amount of topics, is to continuously praise Bitcoin. Bitcoin does this, bitcoin does that, and suddenly an endless page of meaningless posts is taking shape, because it is much easier to agree with someone, than to disagree (as the latter would require counter-arguments). It really doesn't matter if the author is correct; they have won, because of the Cunningham's law.

Kakmakr, don't take this as an offense (it really isn't!). But, I just have noticed lots of forum users doing this, hopefully unconsciously.

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[Oneandpure]

Everything you said are right, bitcoin wallet too can be hacked, it is individual that needs to be very careful. Bitcoin is also decentralized and censorship resistant, but the faster transaction and lesser fee is only when you comparing fiat cross border payment with bitcoin transaction, if a fiat transaction is within a country and done locally, the fee is cheap and the transaction are fast. But fiat transactions can have error which bitcoin transaction can not have.

All site possibilities for hacking not only with Bank but also Bitcoin has chance loss in our wallet, but have advantage with bitcoin when saving in own wallet because we have controlling by our self with bitcoin assets due not your key is not your coins. I think don't underestimate the bank's position because most important side when making local transaction, due in my country bitcoin can't acceptable as payment currency won't or not we must withdraw bitcoin assets to bank account before making deal or ability for transaction.

Bank and bitcoin assets can secure as well as depend with our self how to protect all data, if can't protect well actually has chance with bitcoin assets loss due many skimming website link send to our email account every day.

[usekevin]

The bank system was survive over a century,so it had their own usage in the environment.The update of the banking system was the online transfer without using the cards.It’s just to scan the code to send the money to the merchant.The same was available in the bitcoin by scanning the code one can transfer the bitcoin to certain address.The biggest scam of the banking was the additional fee which was the hidden charges to us.Some bank will charge the message alert fee,but it should be made as free service by the banking system.

[Kakmakr]

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.

You are totally missing the point of this whole thread.... I am not saying Bitcoin are perfect and Banks are only bad.. I am pointing out the "failures" of the system that most of us are forced to use. How can I not use Bank services, if that is the only "authorized" legal currency in most countries.

Do you think I would still be using it, if governments allowed it and if it was legal tender? This is turning into a pissing contest or you are just trolling the shit out of this thread.. and I do not have the energy for that.

I posted this to ask the question.... How can Bitcoin do this better... not how Bitcoin are better, so let's just move on.

[YUriy1991]

Apart from what you mentioned above...I have also abandoned the use of credit cards. Not as we expected when the bill is paid starting from interest, delivery fees, transaction fees, maintenance and at least stamp duty are also included in the bill.

If there are new users, various offers come from various companies under the pretext that we are one of the subsidiaries that have partnered with the bank you have submitted your credit card request to. who knows where they got our cell phone number, and if we are careless and agree to the request So, get ready for your bills to increase and if we look deeper, maybe they themselves (bank employees) sometimes don't use these facilities.

For me, the bank is only a bridge for me to withdraw money to my own bank account. Yes. Bitcoin is a better choice.

[DapanasFruit]

Generally speaking, the widely accepted perception is that Bitcoin or crypto for that matter is enabling many scams around as it is the preferred way for hackers to do business. Of course, this perception is biased since we know that the banking system itself is also a breeding ground of many scams and frauds victimizing people on a global scale. And since we are dealing here with technology, sometimes I realized that there is not much we can do but to accept this present reality. On a personal level, we should be educated and should always be careful when doing transactions whether crypto or via the banks.

[bettercrypto]

I have had a trauma in the bank because of a close friend of mine who, I won't mention the name of the bank, has a time deposit, and then one time he had a p2p transaction and he entered an amount in the bank that's exactly where he had a time deposit. He was surprised one day that his account was put on hold. It is said that because of a transaction that the bank recognized as illegal, my friend is willing to prove that it is legal and that he has the documents that he is holding.

Then the only thing the bank told him was that he could still get his time deposit, but 30% would be returned to him. After those events, my friend lost trust in the bank because it's an event where your account can be frozen and your money can be legally stolen. So I learned from this experience.

[Plaguedeath]

Then the only thing the bank told him was that he could still get his time deposit, but 30% would be returned to him. After those events, my friend lost trust in the bank because it's an event where your account can be frozen and your money can be legally stolen. So I learned from this experience.

I don't buy your story, it's not possible the banks only want to give 30% of the funds, it's a corruption. If they recognize there's an illegal transaction in your friends account, they're either allow or not allow you to withdraw all of your funds.

Even someone is breached the banks' time deposit rule, they will not charge as high as 70%.

[kryptqnick]

I know using a card isn't totally safe, but I've never fallen a victim of card cloning or anything like that. Tapping a card continuously isn't typically a thing in my country, as, by default, the PIN is asked on the second tap and for amounts over $20 on all attempts.
If we're talking about Bitcoin in a custodial wallet (user-friendly, easy to use, instant transactions), I'm sure it's susceptible to similar risks. If it's a non-custodial wallet, I think the risks of someone getting the money are much lower, but it's also harder to use it for payments, considering transaction speed.

[fuguebtc]

Then the only thing the bank told him was that he could still get his time deposit, but 30% would be returned to him. After those events, my friend lost trust in the bank because it's an event where your account can be frozen and your money can be legally stolen. So I learned from this experience.

I don't buy your story, it's not possible the banks only want to give 30% of the funds, it's a corruption. If they recognize there's an illegal transaction in your friends account, they're either allow or not allow you to withdraw all of your funds.

Even someone is breached the banks' time deposit rule, they will not charge as high as 70%.

It was definitely a fabricated story. If the bank intends to appropriate the property, it will freeze it or not accept the other guy's explanation as legal. They will be able to take over the entire asset easily because it is illegal money, there is no reason for them to accept it as legal and charge 70%. Furthermore, @bettercrypto can you provide the specific amount your friend deposited in the bank? Is it a huge amount of money or just an insignificant amount?

[CryptopreneurBrainboss]

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)

This isn't a problem of the banks but an issues of personal security because Bitcoin in your wallet isn't immune to hacks or been stolen when you don't take security measures to make sure you're not a victim of this type of crimes. Your Bitcoin can be stolen when you store them in your mobile device or also in your hardware wallets but you're constantly moving with the devices. You can become a target and they do all the things you mentioned that can be done to forcefully take your mobile phone or device from you which is why we have to be security cautious irrespective of using credit cards or Bitcoin.

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)

Invest in Bitcoin and store your Bitcoin in way it'll be hard for hackers or thiefs to gain access to. Don't store your Bitcoin on your phone or work laptop that you use to go about your daily businesses because you can get moh/rub just as your credit card can be stolen and wipe out all the money you have. You can keep small amount of Bitcoin that you'll need often in a mobile or hot wallet but your main investment shoudn't be stored that way. Bitcoin is decentralized and gives you great power and anonymity but with great power comes great responsibility.

[sokani]

Just as the banking industry is always improving the sector, for example the introduction of contactless card makes transactions seamless and stress free. The bitcoin network is also doing the same, the integration of lightning network makes transaction better faster and cheaper.

However, no matter how hard transitional banking and Bitcoin developers try to improve both networks, users will still be susceptible to different forms scams and hacks, fiats and Bitcoin will still be stolen. Sadly, there's nothing anyone can do about because it still balls down on the individuals to adhere to some basic security tips to keep their assets safe.

[Kakmakr]

Just as the banking industry is always improving the sector, for example the introduction of contactless card makes transactions seamless and stress free. The bitcoin network is also doing the same, the integration of lightning network makes transaction better faster and cheaper.

However, no matter how hard transitional banking and Bitcoin developers try to improve both networks, users will still be susceptible to different forms scams and hacks, fiats and Bitcoin will still be stolen. Sadly, there's nothing anyone can do about because it still balls down on the individuals to adhere to some basic security tips to keep their assets safe.

Yes, no matter what are implemented... scammers and thieves constantly evolve to adapt to the changes.. so it is the responsibility of the community to brainstorm new innovative ways to counter them, after that developers will take those ideas and they might implement that.

Just imagine if Bitcoin can come up with a good solution for many of these attacks and all the people that were victims of these attacks.. start migrating to Bitcoin or the Lightning Network for their payments. 

[SquirrelJulietGarden]

Yes, no matter what are implemented... scammers and thieves constantly evolve to adapt to the changes.. so it is the responsibility of the community to brainstorm new innovative ways to counter them, after that developers will take those ideas and they might implement that.

Just imagine if Bitcoin can come up with a good solution for many of these attacks and all the people that were victims of these attacks.. start migrating to Bitcoin or the Lightning Network for their payments. 

No matter what technologies, security methods will be created, how better they are than what we have now, people will still be scammed.

Victims of scammers today can become victims in future if they don't change their practice. New technology and security method can not help those people because if they continue to be careless, they will continue to be victims.

Without Internet, there are scammers and victims but with Internet, then blockchain, then 2FA, there will still be victims of scammers.

[Blitzboy]

Just as the banking industry is always improving the sector, for example the introduction of contactless card makes transactions seamless and stress free. The bitcoin network is also doing the same, the integration of lightning network makes transaction better faster and cheaper.

However, no matter how hard transitional banking and Bitcoin developers try to improve both networks, users will still be susceptible to different forms scams and hacks, fiats and Bitcoin will still be stolen. Sadly, there's nothing anyone can do about because it still balls down on the individuals to adhere to some basic security tips to keep their assets safe.

You’re right, indeed. Both the banking sector and Bitcoin network are continuously evolving, offering us more convenience and efficiency. But as you pointed out, the security risks, unfortunately, still loom large. You’re absolutely right; its up to us individuals to remain vigilant and protect our assets. However, are we inadvertently blaming the victim here?

In saying that it all "boils down to the individuals," we might be missing the bigger picture. Yes, personal responsibility is paramount, but are the systems themselves doing enough to ensure user safety? Are we, as users, being provided with the necessary tools, knowledge, and support to effectively safeguard our assets? While we continue to adopt and adapt to technological advancements, we must never stop questioning and challenging these systems to do better for us, the users.

[YUriy1991]

Generally speaking, the widely accepted perception is that Bitcoin or crypto for that matter is enabling many scams around as it is the preferred way for hackers to do business. Of course, this perception is biased since we know that the banking system itself is also a breeding ground of many scams and frauds victimizing people on a global scale. And since we are dealing here with technology, sometimes I realized that there is not much we can do but to accept this present reality. On a personal level, we should be educated and should always be careful when doing transactions whether crypto or via the banks.

Of course, if we have the desire to make investments with aggressive growth but one thing I am sure of is that Bitcoin will break the rumors and negativity surrounding it and will enter the consumer space and Bitcoin also has the unique ability to eliminate the need for all banks. and it's all because of Bitcoin by market forces.

[Victorik]

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.

But, after reading your post hackers, thieves, and scammers have found many new ways to scam people (users of banks) like they can force you, they use pin hole camera, etc. Everything thing that you have aforementioned can be done for BTC users too.

They can force a person and can beat him for recovery phase, (once they get to know you are a BTC user) they can use hacking techniques (don't have to use pin hole camera to eavesdrop) they can simply eavesdrop on you by compromising your devices. But good precautions can make your BTC life more secure.

I don't really fancy banks too, only use them very occasionally to receive money and get some cash.

Moreso, I think even the banks are scammers themselves. The withdraw all sorts of undisclosed charges on your account and when you complain they tell you it's service charges, even when you ain't even using that particular service.

So, BTC is far better, and some of the reasons are already stated here.

[Faisal2202]

I don't really fancy banks too, only use them very occasionally to receive money and get some cash.

Moreso, I think even the banks are scammers themselves. The withdraw all sorts of undisclosed charges on your account and when you complain they tell you it's service charges, even when you ain't even using that particular service.

So, BTC is far better, and some of the reasons are already stated here.

You think right, because banks are doing scams but not directly instead lure people into some programs where they have no other choice but to accept the faith that there money is gone and now they cannot do anything. The first scam is loans, they will provide you easiest ways to take loans and a time will come when you will be stuck in loan cycle and you will get no way out. Then many people take there life too.

Few months ago a man in our country was under huge debt loan and suite but the fault was not only of the platform from where they took the loan but the fault was of the man too. People should not make choice that they know or at least have some idea that, are going to cost them.  Debt cycle can also be occur in BTC but the scams you have pointed out, is a good one and we can definitely save ourself with BTC from many scams.

[pixie85]

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"  

That's why you need limits on your card. I have a single transaction limit of around $250. If I need to buy something more expensive, I'll use cash. I also have a wallet that blocks my card from scanners. It can be used only if it's out of the wallet.

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.)

The apps are also a positive addition because they send you messages every time your account is charged. If I saw a transaction I didn't make, I'd use the app to lock my card.

If somebody can make you enter pin code they can also make you give up your bitcoin.

[tjtonmoy]

So, I was thinking... How can Bitcoin be better?

Bitcoin was always better, but not the perfect solution. If you are unable to keep your privacy safe, you are most likely to get scammed. The first thing about owning Bitcoin is to never share or disclose the information about you owning Bitcoin. If no one knows your Bitcoin's whereabouts, you will never become a potential target for scammers or hackers. 
There are several ways to keep your keys and wallet safe. Choose the best one by doing some research if you wish to use a software-based wallet. But if you want the maximum security, go for hardware wallets. This is not something new. Your keys, your coins. No one will have control over your assets except you. And one solution to be safe from thieves and burglars is to keep a separate wallet and keep a small portion in it as a decoy. Make it seem like that that's the only wallet you own and if people force you to disclose the private key by force, then show that.
That way you could be somewhat safe.