[arp242]

> Does anyone else feel like replacing all the legacy finance infrastructure with decentralised code is going to produce a worrying number of stories like this?

And stuff like "I lost £95,000 in a bank scam after my solicitor's email was hacked".[1] She managed to recover £57k after , but still lost £35k, not an insubstantial amount!

If anything, we need more protection against stuff like this. Sending money to the wrong account because your solicitor's email account was compromised is something that can happen to anyone, especially if it's someone you've been in regular contact with.

It seems the systems for dealing with fraud in the current banking system is already inadequate (although there is now a new "voluntary code" according to the article, no idea how well this works in practice), and for crypto it's woefully so.

[1]: https://www.theguardian.com/money/2020/feb/29/bank-scam-soli...

[Dayshine]

This is before the recent change in bank transfers that requires account name to match account number right?

My understanding was that change basically closes the majority of these scams (where the account details are substituted) as you would now need to create an account with a name you don't have ID for which is very very hard.

[arp242]

Yeah, you're correct.

As for how this actually pans out in practice: I don't know. I'd guess that having people also fill in a name isn't impossible either, although it certainly makes it a lot harder.