[smallmancontrov]

> in case of financial transactions

The friction is already there.

Every single goddamn time I want to transfer more than a few thousand dollars between any of my accounts, it turns into a complete shitshow of bouncing transactions, hunting down reasons, navigating bureaucracy that doesn't want to be navigated, sometimes to the point of looping in authorities (!), and generally burning many hours of my life to get the financial institutions to do their most basic job.

It's not great. If the purpose is security, we can do better, but I'm not convinced. If the purpose is because financial institutions know that they can prevent customer outflow by shitting up the outgoing transfer mechanism, we should make them do better. If this drop in friction makes security worse, then we should go back and make security better again using a type of friction that isn't such a fucking migrane to deal with.

[klabb3]

Yes, trad banking is a mess. Also, what are considered big transactions? It totally depends on the account.

Wise has a way to set rolling limits on things like online purchases and ATM withdrawals. That’s very neat. I think that if you’re say emptying your entire savings, it’s good to have multiple safeguards (and of course being clear about what happens and why).