| Modern finance is broken in multiple ways. As an example, let's start with the very first step of a transaction. The payer puts some "secret" numbers into the website of the payee. With those "secret" numbers, the payee contacts some middleman and says "Heyho, your customer agreed to pay $12345 to me. Here is proof of this: The secret numbers". This is already absurd, as the payer gives those "secret" numbers our all the time. So they are not secret. And the $12345 could be completely made up. The way this is handled is that the middle man tries to cope with the clusterfuck that is the result of this. And everybody suffers along the way. The payer has a bad user experience. What is the latest UX ploy to get fraud under control? Was it 3D-Secure-Name-Your-First-Dog-Name-Plus-Another-Secret-Number-Or-Hey-We-Have-An-App-For-You-That-Creates-Random-Card-Numbers-Each-Time-You-Pay-Oh-And-Hello-Do-You-Support-Apple-Pay? I lost track. The payee has to constantly tinker with fraud detection and fraud handling. Just like the middleman, although the middle man likes it this way because they get paid for it. |