[TriLUG] OT: lack of security at BofA

[Bob Evans]

The banks' profits in the credit card area come from interest. Fees are
incidental. When I worked at BofA, 33% of retail profits came from credit
card interest.

On Mon, Dec 22, 2014 at 9:58 AM, Bill Farrow <bill at arrowsreach.com> wrote:

> Gee, this market is crying out for a disruptive technology to step in
> to fix the problems... What would be your ideal transaction system ?
>
> I would like a push transaction system. The merchant provides their
> account number and I push my money into their account, they see that
> the money has landed in their account and the deal is done. I can
> secure my account with whatever means I consider acceptable and don't
> have to trust that the merchant is up to date with their security.
> Consider what we have now; I give the merchant my account number, my
> authentication info, etc, and the merchant reaches into my bank
> account and pulls out what they want.
>
>
> Banks are too big and slow. They missed the boat back in the 90's when
> paypal revolutionized small internet transactions. They missed the
> boat again in 2010 when SquareUp enabled small merchants and customers
> to process mobile payments. Crypto currency might be the next big
> thing they missed...
>
> Since 2013, merchants have been allowed to directly charge customers
> the CC transaction fee on top of their bill. Some shops and services
> now give the customer the choice of paying with cash, or 2% extra for
> Visa, or 4% extra for Amex, etc. Transparency is a good thing. What
> would you do if given the choice ?
>
> What is going to be the next driver for change ? Security, Transactions
> fees ?
>
> Bill
> --
> This message was sent to: Bob Evans <bobevans19 at gmail.com>
> To unsubscribe, send a blank message to trilug-leave at trilug.org from that
> address.
> TriLUG mailing list : http://www.trilug.org/mailman/listinfo/trilug
> Unsubscribe or edit options on the web  :
> http://www.trilug.org/mailman/options/trilug/bobevans19%40gmail.com
> Welcome to TriLUG: http://trilug.org/welcome
>