Or if a bug in the bank’s software meant you could lose your life savings.
Or if no transaction could be reversed, even in the case of obvious offline fraud?
All these things and more can be found in the incredible world of crypto.
Which bank is this?
Why wouldn’t they be able to reverse the transaction?
What do the police say?
Obviously she has contacted the police? as (unlike crypto) the police can get involved.
As far as I know, successful SEPA transactions are impossible to reverse. She was tricked during a weak moment into confirming via 2FA what she deemed a legit transaction, but as far as I can tell, she was on a fake banking website. The bank can claim willful negligence, which is hard (but maybe not impossible) to disprove.
If you want a third-party (bank) to secure your cash so you can do that with crypto, but then you're also exposed to the counterparty risk that comes with it. But that has nothing to do with crypto or fiat or whatever. If you don't trust yourself with managing the keys, put it on Coinbase or Kranken, centralized banks. If you want full control, put in your safe, i.e. manage your own key.
There are also decentralized alternatives that offer something in the middle, e.g. smart contract or social recovery wallets.
If crypto was cash, it would be the worst form of cash imaginable.
I posit that crypto isn't cash, or if it is, it's the worst form of it.
Literally yes. You go to law enforcement and, if they can figure out who stole it, the law allows for the return of your property.
There are also several security features to extracting money from my account: there's an account number, name, physical access to debit card, ccv, account password, OTP, pin numbers. All of which are missing in the typical crypto ccy net.
Furthermore, banks are forced to record identity information from their customers making it difficult for a nefarious actor to conceal their identity.
One advantage for crypo ccy is potentially making anonymous transactions. I don't really have anything to hide in that regard. The mundane shop at the supermarket, ebay or even buying drinks at the pub.. nothing very revealing.
If your life savings are at risk from losing a secret key or simply by someone nicking your secret key then I'd call this a "bug".
All the risks associated with holding onto it is worth it to me. Anonymous transactions are not interesting to me personally but complete sovereignty is.
The chances of someone guessing your key are very low. But if you are worried about that then you put the funds into a multi-signature arrangement.
It certainly takes time to understand these things but it's worth it for the benefits it brings. Nobody can steal or tax your funds against your will. If it takes 6 months for an average person to wrap their head around all the concepts it's not the worst thing in the world. It takes 6 months, at least, to learn how to operate a tank. But it does slow adoption rates.