Growing Popularity of Etransfer versus cash

[Tinmachine]

so if I disable the E-transfer option can I reenable it again?

Yes. But if yu are a victim of it again bank may not compensate you

 

[Tinmachine]

Anyone who e-transfers performing a crime is stupid.

Not really. It's untraceable. That's how most online frauds are done

 

[Tinmachine]

I can't figure out why the system is not set up to trace where etransfers go. My bank statement says to report errors within 30 days after which it will be deemed accurate except for amounts credited to my account in error. If the account where fraudulent transfers go can be identified there would be a chance of recovering the money and holding the criminal accountable.
I saw a news story a few years ago about a law passed in the U.K. that made banks responsible to compensate all customers who were victims of fraud. The banks immediately improved the security of their systems.

With old style wire transfers there is a SWIFT messaging system that monitors where the money goes. While fraud still happens that way (criminals cash out instantly once money arrives so its too late) , etransfer is untraceable.

 

[Tinmachine]

Had to check the date on this thread. Thought it was from 2018.

e-transfer is already normalized.

I refuse to use it. If someone wants money from me it's chq, cash or wire. Or visa but with a reputable source

 

[explorerzip]

You can do a few things to reduce the chance of fraud or at least make it less painful if it happens.

1. Open another chequing account ideally at another bank that you use for online shopping, SPs, etc. Transfer cash into the account only when you need it. If that account gets hacked, you're only out a small amount of money.
2. Get a low limit credit card specific for online shopping.
3. Don't post your cell number anywhere.
4. Don't post personal info like your birthday, address, pet's names, etc that are commonly used passwords
5. Use different passwords for sites.
6. Turn on two factor authentication for every site that you can
7. Be suspicious with calls, emails or texts from businesses, banks, CRA, etc asking to confirm your account information. If you didn't make a request, then it's likely fake.
8. Be suspicious of what you download from the internet especailly if it's on a sketchy site or if you didn't click a download button. The OP found out the hard way that stuff you download can contain malware.

Sadly, none of these are going to make you hack proof.

 

[explorerzip]

I only do e-transfers to trusted providers. Although I must say I hate going to the ATM to withdraw cash lol. Such a chore when you can just do it online, but alas not everyone can be trusted.

You must be a millenial if you think withdrawing cash from an ATM is a chore There has to be thousands of them around the GTA.

I grew up when ATM's were brand new and had to fill out a paper slip to deposit or withdraw cash and had to bring a bank book to get the updated balance. Canada Trust (long before TD bought them) even called their ATMs Johnny Cash Machines.

 

[Daddy2021]

I notice more and more that Etransfer is an accepted way of payment- either deposit or in full. Can anyone (SPs in particular) give some insight on this.
I work in the banking, payments industry and , from personal experience, I will not use Etransfer ever. In fact I have it disabled on my online banking bc I was defrauded via Etransfer years ago. If someone ever hacks into your bank account, and you have Etransfer, you can kiss your savings goodbye . So naturally, if someone wants an Etransfer from me, or for a deposit, it won't work for me.
Thoughts?

cash is king. Never leave anything traceable that you paid for something illegal. Also you expose personal information when sending e transfer. I would think most ladies would also want to avoid the same amount denominations going into a bank acct daily for tax reasons no? I’m not an accountant but I would think they would prefer to avoid any problems in that regard. So for me cash only. I’m not that lazy I can’t go to an atm To cover my ass lol

 

[Kautilya]

You must be a millenial if you think withdrawing cash from an ATM is a chore There has to be thousands of them around the GTA.

I grew up when ATM's were brand new and had to fill out a paper slip to deposit or withdraw cash and had to bring a bank book to get the updated balance. Canada Trust (long before TD bought them) even called their ATMs Johnny Cash Machines.

I am a millenial.

Oh and I have done that too when I was a kid. We'd call it pass book in India, and Indian banks still issue it. My dad still gets it updated to this day because he can't use a computer.

 

[Tinmachine]

You can do a few things to reduce the chance of fraud or at least make it less painful if it happens.

1. Open another chequing account ideally at another bank that you use for online shopping, SPs, etc. Transfer cash into the account only when you need it. If that account gets hacked, you're only out a small amount of money.
2. Get a low limit credit card specific for online shopping.
3. Don't post your cell number anywhere.
4. Don't post personal info like your birthday, address, pet's names, etc that are commonly used passwords
5. Use different passwords for sites.
6. Turn on two factor authentication for every site that you can
7. Be suspicious with calls, emails or texts from businesses, banks, CRA, etc asking to confirm your account information. If you didn't make a request, then it's likely fake.
8. Be suspicious of what you download from the internet especailly if it's on a sketchy site or if you didn't click a download button. The OP found out the hard way that stuff you download can contain malware.

Sadly, none of these are going to make you hack proof.

Also, call your cell phone provider and bank and go over with them security protocols with them.
When my cell phone got hacked 7 years ago the fraudsters simply called the provider and the only questions they legally had to ask was name, dob and postal code. Now they have a voice verification that identifies my voice. Should that fail , they ask for my PIN. Should that fail they ask a security question.

 

[explorerzip]

Also, call your cell phone provider and bank and go over with them security protocols with them.
When my cell phone got hacked 7 years ago the fraudsters simply called the provider and the only questions they legally had to ask was name, dob and postal code. Now they have a voice verification that identifies my voice. Should that fail , they ask for my PIN. Should that fail they ask a security question.

You should change those passwords, security questions and PINs regularly. I know that you can call some banks directly from their mobile app so there's no need to key your PIN, say the password, etc. Obviously, you need to put a PIN, fingerprint, etc. on your phone.

 

[zigma99]

Banks have now implemented OTP if logging in from a new device or browser. So hacking into accounts is lower chances.

 

[Marco1990]

Is there a way to make an e-transfer without it showing your real name? Otherwise, I'd never want to do that.

 

[EddieBrock1500]

I’d rather stick to cash

 

[tastingyou]

The government is letting the banks get away with murder on this. Having said that I can see that the banks do not want to get involved in being like a court of law in deciding which transactions are fraudulent etc. In an ideal world fraudulent transactions [ via transfer ] should be voided and the money returned , assuming that the funds are still in the account , and the account should be shut down or at least have their transfer rights voided. They seem to be able to do something like that with credit card debits made in error. At a bare minimum the sender should be able to obtain details as to where the transfer was sent to , thereby allowing them to go the Small Court Claims route.

Well it looks like things will change on this type of thing and none to soon. The TD Bank in their stupidity on this type of nonsense is about to get fined maybe $1 billion for allowing money laundering through lack of diligence.

 

[xix]

Is there a way to make an e-transfer without it showing your real name? Otherwise, I'd never want to do that.

There is a way. Do you know any tellers or someone who works at a bank? or some one who does fake ID's?

Is it possible to use cc gift cards? Say buy $500 card?

I know a guy whose family works for Trans Union / Equifax. I told him to ask him a question. I couldn't get a straight answer. Then I offered my service for FREE to implement ideas in their software. Not interested. SO that tells you how far deep Fraud is happening.