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ATM For Anonymous Online Payments

Posted by simoniker on from the hopefully-no-camera-mounted-in-atm dept.

prichardson writes "The New York Times has an article about a way to anonymously transfer cash online (NYT registration required)." The inventor, Carl Amos, believes the target market for his newly-patented 'Aunty IM' ATM machine "..might be teenagers.. [who] do not usually have their own credit cards, they usually have cash and are more than willing to spend it to download music or games", as well as "those who were worried about identity theft on the Internet, or who simply wanted the privacy it provided."

3 of 254 comments (clear)

  1. why no google link in article ? by rokzy · · Score: 0, Offtopic

    scared off by the NYT lawyers ?

  2. Useless invention by PincheGab · · Score: 3, Offtopic
    This sounds fine in principle, but the state banking authorities all over the USA are clamping down on "anonymous" funds transfers rather ferociously, specially after Sept 11.

    This is not hearsay or speculation, I work in the financial services industry, and I can tell you that the financial laws are going the other way - less anonymity and higher identification requirements for money wires.

    In other words, this guy will have to keep transactions down a ridiculously low upper limit to avoid ID requirements.

    I have seen people wiring money for very fraudulent puposes, so I don't really share people's feelings that wiring money should be anonymous.

    As for this guy's plans to use the technolgy abroad, he should take into consideration that the USA is requiring other countries to follow USA-like laws and he might have the same issue abroad.

    Again, this is from first-hand experience, not hearsay.

  3. Money laundering by Julian+Morrison · · Score: 0, Offtopic

    ... is a fundamental human right.

    YOUR property
    YOUR money
    YOUR business and nobody else's.