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> ACH fraud was 1% on 21 billion$

21 Billion per year is close to the annual ACH transaction volume measured in count of transactions.

The total value of those transactions in dollars is somewhere over $50T (Trillion) dollars.

1% of that is $500B.



Mmm. Where did you see those numbers? I haven't found that number.

+ The number i found for fraud in ACH afterwards was actually 0,08 %

> ACH fraud is extremely low at 0.08 basis points, or 8 cents for every $10,000 in payments

https://silamoney.com/ach/understanding-the-basics-of-ach-fr...


https://www.nacha.org/news/ach-network-moves-23-billion-paym... is where I got the data on total volume.

I took the 1% from you, assuming you got it from somewhere reliable or at least that you believed in it. (I looked for it in the report summary; I didn't find it; I assumed you got it from the full report, which I don't have access to.)

If the correct figure is 0.08%, that's almost $41B on $51T (more now, as the network volume continues to grow).


Sure. Thanks for correcting me and sorry for the inconsistent number at first. It wasn't easy to find numbers since most just retold the original mentioned article without absolute numbers.

But the entire fraud /year is way less percentage then this sole scam from the entire Bitcoin market cap valued against its peak.

So his comment is actually a net positive for traditional payments ( even if you neglect insurance, ... )


FWIW, 0.08 basis points = 0.0008% = 0.000008 = 8 in a million = 8 cents in a million cents = 8 cents in 10,000$, as the article says. (0.08% would be 100x more.)


No? 0,08% or 0,0008

One one-hundredth (.01) of a percentage point. For example, eight percent is equal to 800 basis points.

https://www.investor.gov/introduction-investing/investing-ba....

The author of the article made the wrong calculation which makes this extra confusing. Ugh...

Since 8 basis points from 10 k is 8 => https://www.wolframalpha.com/input/?i=8+basis+points+of+1000...


> 0,08% or 0,0008

Where are those numbers from?

> For example, eight percent is equal to 800 basis points.

Correct. 800 bp = 8% = 0.08 = 8e-2, as in your example there (different than the numbers in the linked article).

Also, 8 bp = 0.08% = 0.0008 = 8e-4, as in the numbers you gave at the top (different than the numbers in the linked article).

Also, 0.08 bp = 0.0008% = 0.000008 = 8e-6, as I’ve pointed out (and corresponding to the numbers in the linked article:

> ACH fraud is extremely low at 0.08 basis points, or 8 cents for every $10,000 in payments.

Note that 8 cents are $0.08.)


Omg. 0.08 basis points is indeed in the article.

I checked it 2 times and always parsed it as 8bp... And not 0,08bp.

I feel embarrassed now. Nice job :p


No worries. Basis points are somewhat weird if one is not used to them, and the article is a bit cheeky in that it mixes cents and dollars, making it extra confusing.




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