[break_the_bank]

Was wondering how vulnerable my traditional bank accounts are to this attack. I’m assuming this is one of those times that a daily limit could be useful, though that can also be bypassed to some extent by phone banking.

[Cthulhu_]

Traditional bank accounts have a number of securities in place. Depending on the bank:

- You can't transfer money without filling in 2FA credentials

- Suspicious transactions will be flagged (e.g. account draining amounts to another account you've never transfered money to)

- Banks have insurance and will reimburse you the money, whether they can revert the transactions are not. Which leads me to:

- Bank transactions are reversible

- Bank accounts need ID. If money is transfered to someone, they will know the identity of the person receiving money. For dumb people it'll be themselves, for smarter people it'll be their money mule. (never allow strangers or new friends to transfer money through your account no matter how lucrative or trustworthy it may seem). Crypto exchanges are catching up, but crypto doesn't need to be transferred between exchanges.

- Banks are licensed and pay to a national bank; if a bank goes bankrupt (ha), said national bank has you covered. See cases like Icesave and DSB Bank.

But yeah, reversibility, anti fraud / theft prevention and insurance is banks' advantage that the crypto crowd is either unaware of or simply doesn't want to pay for, even if banks are cheap (because they get to play with your money)