This is the CRAZIEST part of the banking system. The information to withdraw money from your account is on the bottom of the paper checks that you freely give out. Anyone with the routing number and account number can drain the entire account.
ACH fraud in the US is in the ballpark of $100M / year.
This is why I think we're only in the opening days of the FinTech shift. There's a lot to be done and a lot to fix.
ACH fraud in the US is in the ballpark of $100M / year.
This is why I think we're only in the opening days of the FinTech shift. There's a lot to be done and a lot to fix.