In this podcast, we dive into the wild world of e-transfer fraud and how immigrants (like us!) can sometimes feel like we're navigating a financial obstacle course in Canada. 💥
Then, we get into the nitty-gritty of how e-transfers actually work—and how scammers use loopholes to snatch your cash while you're left waiting for that pending deposit to hit. Spoiler alert: it's a sneaky system, and scammers are pros at making you think you're richer than you are (we’ve all been there, right? 💸).
We chat about how financial institutions seem more focused on selling you things you don’t need—like a $120 credit card to a 90-year-old grandma who’s just trying to chill in her golden years 🛳️.
But hey, it’s not all doom and gloom! There are ways to protect yourself, like setting up text notifications for every transaction.
In the end, the moral is simple: educate yourself, don’t click on sketchy links, and keep your money where it belongs—in your account! Oh, and if you ever get an email from "Canada Post" saying your package is about to be lost forever, just laugh and delete it. 📦😂
Don’t forget to COMMENT, LIKE, AND SUBSCRIBE!
Links:
Canada’s Interac payment system is very useful but also has many hidden dangers and pitfalls:
A Go Public test has since found that some e-transfers can be cancelled, even when the recipient has autodeposit, depending on what financial institution the money is sent from.
Some banks allow etransfer senders to cancel the transaction even half an hour after it was sent.
Neil Joshi, a Toronto teacher, lost $2,790 after he e-transferred a payment to his HVAC contractor, but it was intercepted by a fraudster. Neither his nor the intended recipient's bank will reimburse the stolen funds. "What I find remarkable is that none of these banks seem to be taking any measures to address this type of security issue," wrote Joshi to Go Public. "Their attitude was, 'As long as we're not on the hook for the funds … it's not our problem.'"
Banks typically refuse to take responsibility for funds going to the wrong account and regularly tell customers there’s nothing they can do.
The etransfer system has been abused to defraud many bank customers who expected their banks to be more careful with their money.
https://antifraudcentre-centreantifraude.ca/scams-fraudes/victim-victime-eng.htm
https://www.cbc.ca/news/canada/kitchener-waterloo/cambridge-scam-victim-bank-account-1.7200144
