When people get scammed and money is transferred out of their bank, why isn’t there a paper trail? If the money is transferred into some foreign country that won’t allow tracing, why not just exclude those countries from the banking system?

Question

When people get scammed and money is transferred out of their bank, why isn’t there a paper trail? If the money is transferred into some foreign country that won’t allow tracing, why not just exclude those countries from the banking system?

In: 7825

Answer 1

Banks just need to allow people to utilize ‘positive pay’ – manually authorizing withdrawals from their account.

Recurring transactions can be “whitelisted”, transaction size limits can be imposed, daily limits can be imposed, geographical locations can be limited, etc etc.