Cambrian Explosion

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Cambrian Explosion

33 episodes

6 days ago

Subscribe Now! Dive into the world of 'Cambrian Explosion,' where three dynamic brown immigrants, fueled by an unwavering passion for technology, urban living, philosophy, society, culture, and politics, embark on an exhilarating journey The hosts dissect the intricate layers of our modern world and place their bets on where the next Cambrian explosion of innovation will unfold. !HINT! it will not happen while driving a Tesla. Twice a month, get ready to listen, laugh and shake your head in approval as you are inspired by the unique voices driving the conversation in this exciting podcast.

Society & Culture

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Society & Culture

Episodes (20/33)

Cambrian Explosion

S2E19: How to lose your money in 30 minutes…

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:

https://www.cbc.ca/news/gopublic/etransfers-autodeposit-cancelled-scam-interac-1.6764431

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.

https://www.cbc.ca/news/business/etransfer-fraud-banks-blame-customers-1.5286926

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.