I've been seeing posts in the past where people have sent a transfer to show they are serious and withhold the password until the SP arrives so that they don't have the money stolen. And this should be a safe way to ensure you don't get ripped off. Except there is a flaw in the Interac E Transfer system.
After transferring the donation (the large sum of money) the scammer will then ask for a second transfer, $5,10$ for Uber or condoms, whatever. And of course for that transfer you provide a password so they can access the funds.
Here's the catch. The second transfer/password overrides the first one. They can now immediately deposit your first transfer.
There's dozens of these active across Canada daily on LL and it's actually done by organized crime.
Interac has been aware of the flaw for approximately a decade, that's why they developed and push the automatic deposit option.
Once this happens there is no way to get your money back.
And if you want to test it out for yourself just send a friend 2 transfers a couple of minutes apart using different passwords. The second transfer password will always open the initial transfer
After transferring the donation (the large sum of money) the scammer will then ask for a second transfer, $5,10$ for Uber or condoms, whatever. And of course for that transfer you provide a password so they can access the funds.
Here's the catch. The second transfer/password overrides the first one. They can now immediately deposit your first transfer.
There's dozens of these active across Canada daily on LL and it's actually done by organized crime.
Interac has been aware of the flaw for approximately a decade, that's why they developed and push the automatic deposit option.
Once this happens there is no way to get your money back.
And if you want to test it out for yourself just send a friend 2 transfers a couple of minutes apart using different passwords. The second transfer password will always open the initial transfer