Elon Musk gives X employees one year to replace your bank
www.theverge.com
Musk wants your “entire financial life” on his platform.

“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

Well that sounds terrifying!

  • AA5B@lemmy.worldEnglish
    2·
    1 year ago

    Here’s their potential path, maybe ….

    I have no idea the limitations of this approach, if any, but just experienced it a few days ago. I bought something expensive online, and the timing was sensitive, else I’d lose out on a lot of money. Then I got down to the final payment. It made me really nervous and would have reconsidered if I knew about it, but the final payment could only be done through bank transfer, but they wouldn’t let me provide the standard routing and account numbers. They had a web app that brings up your banking app, has you login to that, and appears to scrape data. They were able to see my accounts and balances, as well as initiate the transfer. This was so scary, exactly like I’d expect malware to be.

    Bviously I changed my passwords immediately and verified there was only one transaction and exactly as I’d expect. However yes, they controlled my bank8ng without being a bank and without any apparent cooperation from my bank. All it takes is normalizing the behavior that will get us all robbed of all we own

    • ziggy@feddit.deEnglish
      5·
      1 year ago

      In Germany there is this company called Sofortüberweisung. They are the exact thing you described. The “pro” for the consumer is, that the transfer is directly confirmed by the third party and the seller can ship right away. The con is that now Sofortüberweisung has your whole banking history of the last 3 months. They will sell this data to their “partners” and make good money with it. If you don’t have a credit card, that’s one of the only ways to pay fast directly if you don’t want to use PayPal.