bank refunds are not where the bank just 'takes back' funds from a thief and put it back into a victims account
the bank uses their own reserve to compensate the victim. and then separetly they seek justice against the thief.
usually by freezing his account unless he can prove funds are justified as his.
if not justified banks then debit the thiefs account to reimburse the banks losses
so in short.
no banks dont just take funds from a theif and hand it back to the victim
so yea when someone is FIAT scammed for buying $2k of giftcards for a nigerian prince.
the victim is compensated from the bank
then the bank would consult the giftcard company to freeze the utility of the giftcard and the gift card company then compensates the bank
the giftcard company then freezes the card until expiry to ensure its never spent
..
yes bitcoin does not have a way to blacklist/freeze transactions
but this is where users need to be self governing and independently smart with their funds and not be reliant on middle men to save them
Topic: Right to liability and implementation of a judicial judgment (Read 81 times)
The answer is already in your question.
The banks normally will give you upon creating a banking account an extremely long and boring paper called "terms and conditions", which people neglect to read and just sign right away. In that document, there's a whole list of situations in which the bank WILL NOT give you a refund. So, even with the banks it's not that easy.
Now, going back to crypto, things are even more complicated here. Basically, because of the fact that you're in full charge of your money and no one has the right to control/have access to your funds, the only one to blame in case of money loss is yourself.
Just be careful, beware of the mals, any suspicious activity on the exchanges, store your security keys safely, and double-check the address when sending money, don't go telling everyone around that you've got crypto - and you'll be fine.
So to refund you back if it was their mistake, and deal with you if you have title against an account owner with the bank.
The thing is, the banks only give you refunds on extremely rare occasions, like you said, if it was their mistake. And, also, it's one thing for the bank to be guilty, but it's quite another to get that confession from them. The banks normally will give you upon creating a banking account an extremely long and boring paper called "terms and conditions", which people neglect to read and just sign right away. In that document, there's a whole list of situations in which the bank WILL NOT give you a refund. So, even with the banks it's not that easy.
Now, going back to crypto, things are even more complicated here. Basically, because of the fact that you're in full charge of your money and no one has the right to control/have access to your funds, the only one to blame in case of money loss is yourself.
Just be careful, beware of the mals, any suspicious activity on the exchanges, store your security keys safely, and double-check the address when sending money, don't go telling everyone around that you've got crypto - and you'll be fine.
The problem with crypto is, that for me rt now seems there is no instance where you can proof ownership of wrongfully or stolen money and receive it back, like with a bank which guarantees to act upon bank mistakes as well as legal judgement.
So to refund you back if it was their mistake, and deal with you if you have title against an account owner with the bank.
Is there an equivalent for such security in crypto currency and if not yet, what are the efforts / status / chances of putting such fundamental types of security into place ?
Regards,
Frank
So to refund you back if it was their mistake, and deal with you if you have title against an account owner with the bank.
Is there an equivalent for such security in crypto currency and if not yet, what are the efforts / status / chances of putting such fundamental types of security into place ?
Regards,
Frank
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