Yes, Bitcoin (more broadly, crypto) companies are a huge target for scammers. Buy Bitcoin, withdraw, call the bank to reverse the transaction, repeat.
Honestly, we (Swan) have done a really good job managing this as compared to our peers, but we're always wanting to do better. A single $10,000 reversal is 1000's of customers worth of lost revenue...
Good point re: scammers could continue entering routing/acct. We'd be put in a position where we're only offer faster unlock times for people verifying with Plaid (which, to my original point, perpetuates the surveillance/honeypot element of this).
It's a tough spot to be in.
lane / Lane 🦢
npub1qt…ndc09
2023-04-11 20:04:22
in reply to nevent1q…c5e2
Author Public Key
npub1qtcghtewuqjnkxcjtu8y6saz5s876cwqwwxfyf2vrpaesd3dvfcqfndc09Published at
2023-04-11 20:04:22Event JSON
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