Justin Baer
speaker
162 appearances
3 recordings
1 series
first heard Feb 2020
last heard Nov 2024
Justin Baer’s voice in public audio — every appearance, attributed to the second.
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Appearances
There are rules in force that give banks and other financial institutions a limited time in which to make those funds available.
And some of those funds are available immediately.
Others might take a few days.
A part of it are how good the fraudsters are at exploiting those weaknesses.
There are issues that are specific to banks that they go through.
There are the rules that are in place.
There's also the difficulties that come with actually trying to track these folks down and, of course, trying to penalize them.
And in a sense that it is in many respects going to law enforcement without
A instance of this is akin to going to the police station saying, hey, my bike was stolen in a sense that I'm very sorry, sir, that happened.
But what do you want us to do about it?
So banks have had to try to do a lot of the investigative work into this on their own.
stack up these instances and organize them in ways that give law enforcement something more to work with.
But that takes time, takes resources.
And as we've seen on these social media platforms, there is strength in numbers.
The more attack a specific institution, at the same time, the more likelihood that there are going to be fish that are not caught in the net.
The response is boiled down to two of them.
One is education.
So they try to do more to explain to their customers what risks they take when they, for instance, put a check they've written in the mailbox and discourage them to the extent they can to use checks and to use online bill pay and digital payment systems and things like that.
that can avoid that scenario.
And the other side is deterrence.
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