So if you post your account numbers I can pull all your money out. Now you'll likely get it back if you file a fraud claim, but that's an extra Hassel, and your out finds until they give you a provisional credit.
I don't know if something really happened or if he was just being cautious, but so the Bank of San Seriffe was born: https://www-cs-faculty.stanford.edu/~knuth/boss.html
To withdraw in both continent you'd need a pin or a signature + a tamper-proof ID card. The web app in Hong Kong has 2 passwords + 2 private key phone checks + insta SMS sent on any output. My French bank resets the private key every 3 months and require a strong re-auth (SMS or postal mail).
To direct debit, in HK you can only trigger it from the source account by registering the target online, it can't be done the other way around, while in France you need a signed authorization - but I suppose that can be faked if you have a target entity already registered and fake signatures to a bank.
And you're telling me in the US I know your target bank account to wire you pocket money at your birthday, I can also just withdraw ? That can't be right sorry.
Yes, it can be and it is right.
Here in the UK while it's super easy to set up a fraudulent direct debit on someone else's account details, it's equally easy to claim those payments back (and the scheme guarantees you the right to be able to claim a payment back for any reason, doesn't even have to be fraud - the merchant can of course still chase you if you've declined a legitimate payment you owe them).
E V E R Y german company has their SEPA information on almost every piece of writing that leaves the company (in the footer) and thus far i think widespread misuse/fraud is not really a thing.
But what you say must be impossible in SEPA too - to fake a sub registration you'd have to register with a corporation ID as a subscription receiver in the SEPA area. I'd suppose at least you fraud one person you're immediately found. But it's also that you probably can't even register without at least a sort of reputation check.
