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Comment by ajross | Hacker News Reader

You miss the point. You can't mug someone for their Vanguard account. Robbery risk is limited to cash on hand, or arguably whatever the ATM limit is on your bank account.

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Aren't elderly phone scammed out of huge amounts from bank accounts often??

Not sure about the distribution, often it’s cash or jewelry that’s already home. Bank tellers and even taxi drivers get increasingly educated to stop such suspicious withdrawals/meetings.

Yes, but it's more involved. They typically get the victim to withdraw the money themselves, then send it to the scammers via wire transfer.

Like crypto, wire transfers are difficult to track and irreversible.

So what is stopping someone from holding a gun to your head and forcing you to conduct a wire transfer over the phone or internet?

Online banking wire transfers are subject to a relatively low daily limit. You must appear in person and show ID to wire large amounts of money.

The victim may also have a chance to cancel the transfer, because they’re not instant. (especially outside of business hours)

It’s just not an attractive way to mug someone, it’s easier to take them to an ATM.

This is only true in the crappy system of the US.

In Europe a wire is instant with no recourse.

Most banks have processes for giving money back in some of these cases.

There's nothing easier to track than a wire transfer. Banks just don't want to do it.

you're suggesting that the poster is shoving his hate of crypto currencies into this conversation, and not making a sincere statement about security that withstands even the tiniest amount of scrutiny?

Actual risk is lower than that since you’ll possibly get your money back from a real bank.

People do get taken hostage until they give up their crypto accounts sometimes. There was a prominent one in NYC recently that was on the news again due to--basically-- the alleged involvement by one of the stars of a popular reality tv show.

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