> After one hour, wire transfers sent in error are no more recoverable than crypto.
The receiver account can still be seized by government institutions though, something much harder with cryptocurrencies.
The receiver account can still be seized by government institutions though, something much harder with cryptocurrencies.
I really don't get it, because I have to provide my ID every year or so for verification. I really don't get how these scammer can get away with that, but obviously every time.
Also you often do not even need to take a picture of an ID to open an account online, just have the info of an identity that you steal. After that, you get an atm card, wear a covid mask, shades and hat, call to raise the limit and take it out asap.
My experience with 4 different banks:
1. Limit of $500 cannot be changed
2. Limit raised to $1,100 over the phone; apparently if I show up at a branch and bring my first born, I can get it as high as $1,500.
3. Limit of $500 suddenly reduced to $200 (!) with the option to call in and raise it to $400.
4. Limit raised to $2,000. Some years later, suddenly reduced to $1,000. Haven't bothered looking into this yet.
I recently learned that some Chase Bank ATMs inside branches used with Chase ATM cards can get $3000 in one transaction. I did it the first time a few days ago.
Back to the topic, we're up to $3-4k now which is more than I thought, but still not enough to pull off this $12k scam.
They could have saved a lot of money on ATM fees (which they always refund me) by increasing my limit, that's for sure.
That is hardly an advantage for the victim. Come to think of it, that's a (rare but realistic) threat for normal, licit commerce.