*sigh* Checks are a terrible, insecure, wildly abused legacy technology. We would never choose to create a check-like system de novo. But if you stopped accepting checks, the world as you know it ends. And that is a very important argument that they actually work, warts and all.https://twitter.com/SwiftOnSecurity/status/1037320472504033281 …
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Replying to @patio11
Doesn't ACH work on the honor system just as much as checks do?
2 replies 0 retweets 0 likes -
Replying to @cperciva
I feel like I’m obliged to say that neither work on the honor system, but from a “How certain is it that this payment is good funds?”, ACH (push or pull) materially less than wires until settled but higher than checks.
1 reply 0 retweets 4 likes -
Replying to @patio11
Maybe "honor system" isn't the right phrase. There aren't any technical measures preventing someone with access to either system from saying "Patrick is giving me some money" and getting said money; the countermeasures are social (you notice and complain).
2 replies 0 retweets 7 likes
Similarly to email, while it may appear that there are no technical measures preventing an untrusted peer from asserting that they are Patrick and attempting to transact as him, your statement would surprise an awful lot of people whose work is technical in character.
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