[zocoi]

You’re describing credit card fraud and more often the banks eat up the loss and issue your credit back. They don’t bother investigating further then write off the loss in tax. Wire transfers are usually available to withdraw immediately so it’s really hard to recover. Some wire frauds take months to recover via court system. That’s why real estate wire fraud is popular and more complicated over time. Overall crypto is not as bad as you think.

[Dma54rhs]

In Europe people between themselves and businesses use what you call wire in America. The credit card charge back is very much American concept, I guess the fees pay for that insurance.

[whoooooo123]

Where in Europe do you live? Credit card chargebacks are an extremely well-known and common concept in the UK, and I've hardly ever used personal wire transfer to pay businesses except for auto-recurring transactions like rent, insurance, utility bills.

[Erlich_Bachman]

> the banks eat up the loss

They don't, they pass it on to the merchant. This is why working with credit cards or paypal is a pain for a lot of merchants and that's why you as a user have to sometimes jump through hoops to just verify yourself. Merchants have to do this because they know that they will be paying in case of you getting defrauded.

[beagle3]

Banks rarely eat credit fraud; they more often than not make the merchant eat the fraud instead, in my experience.

The merchant usually CAN make the bank eat the losses, nit that requires pre-approving each transaction and higher fees, so many merchants skip it (at least until bitten hard)