What will Paxum do when criminals start using phished bank accounts to ACH funds to Paxum and then onto TradeHill to buy Bitcoin with stolen money? Will Paxum eat the loss or will they start pulling funds out of TradeHill's account as Dwolla did?
They've confirmed with us that they have better fraud protection methods in place and this won't be a problem. If they are defrauded they won't pass it on to TradeHill.
Of course Dwolla told us this as well but Paxum has been in business a lot longer, done a lot more volume and faced a lot more fraud in the past and remained strong.
Am I reading this right? It costs $50 to transfer funds to/from my bank to Paxum? That's a deal killer.
That's for a wire. ACH is $5
Jered
I would also like to highlight that even though we believe Paxum to be a good payment option, we will definitely continue auditing and investigating any anomolies we find. We uncovered the Dwolla fraud and will continue with such diligence.