In The Global Village, Trust Depends On Blockchain

Marshal McLuhan’s Predictions Highlight A New Set Of Problems And Solutions

Last month, ‘Jenny Davies’ an 18 year old graduate living in New York,  took a call she thought was from her bank; unfortunately for her, she didn’t think to properly identify the caller. They told her that they’d seen some unusual activity on her account, and that she needed her to move her money to another account. She was to call the bank back on the number provided to make the arrangement, which she duly did.

As directed, she transferred $15,000 in three separate tranches, money she had saved for a post-graduation life outside her native Australia. This was just below the minimum to attract attention from a regulatory department. Two days later, Jenny realised she’s been defrauded of the entire sum.

This is just one scam in a series going on in the US and elsewhere.

At the root of the issue perhaps is this: Banks identify us to prove we are who we say we are, but we don’t have any reliable means of identifying them.

The confidence trick on Ms Davies revolves around our collective habit of never consciously identifying banks. Sure a validation often takes place, but it’s an unconscious one.

We know the bank in the middle of our high street is the real one because of the cost to create a fake Citibank or Chase bank there, what the security industry calls a ‘spoof’ is too great, and the effort too large.  The building is substantial and could never really be a fake. The cost of bricks and mortar is the validator. Or was the validator.

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