Growing Popularity of Etransfer versus cash

[Tinmachine]

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?

 

[newfie]

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?

My bank only allows me to e transfer up to $3000 per day.

 

[Tinmachine]

My bank only allows me to e transfer up to $3000 per day.

When it happened to me six years ago the limit on etransfer was 6k a day. They did surreptitiously when I was overseas, thinking I wouldn't notice and do a 6k etransfer every day until my savings were drained. Luckily I still not an email notification to notify me. I've read stories were ppl had their savings drained this way. Etransfer is like leaving the safe open at your home if they can break in.
It may be inconvenient but the only way to get money out of my account is AtM, chq or go to the branch and do a wire transfer

 

[LTO_3]

I've only done 3 e-transfers that I considered & knew were safe to do. I avoid e-transfers just because I don't like them and for reasons mentioned above.

LTO_3

 

[Kautilya]

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.

 

[Tinmachine]

I've only done 3 e-transfers that I considered & knew were safe to do. I avoid e-transfers just because I don't like them and for reasons mentioned above.

LTO_3

The problem is if someone can hack into your online banking (and happens more than banks admit) the etransfer is the quickest way to siffen money out and is totally untraceable

 

[Tinmachine]

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.

I would do it but I had my bank disable that feature on my online banking bc I was defrauded that way. Bank could not guarantee they would cover my loss if it happened again

 

[LTO_3]

The problem is if someone can hack into your online banking (and happens more than banks admit) the etransfer is the quickest way to siffen money out and is totally untraceable

I don't disagree. Guess I should have mentioned that I've disabled that feature since it's a very low priority for me & can't recall the last time I even did one.

LTO_3

 

[JayRoam]

When it happened to me six years ago the limit on etransfer was 6k a day. They did surreptitiously when I was overseas, thinking I wouldn't notice and do a 6k etransfer every day until my savings were drained. Luckily I still not an email notification to notify me. I've read stories were ppl had their savings drained this way. Etransfer is like leaving the safe open at your home if they can break in.
It may be inconvenient but the only way to get money out of my account is AtM, chq or go to the branch and do a wire transfer

How did they get access to your account in the first place?

 

[tombrady12]

The problem is if someone can hack into your online banking (and happens more than banks admit) the etransfer is the quickest way to siffen money out and is totally untraceable

It's 'siphon'. Don't use words that you can't spell.

 

[corrie fan]

The problem is if someone can hack into your online banking (and happens more than banks admit) the etransfer is the quickest way to siffen money out and is totally untraceable

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.

 

[tastingyou]

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.

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.

 

[DesRicardo]

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

e-transfer is already normalized.

 

[leshdrec]

I never e-transfer.

 

[xix]

banking bc????
pc?

 

[carwash]

Anyone who e-transfers performing a crime is stupid.

 

[bazokajoe]

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

 

[drlove]

I’m still in the stone age ( read: old school). I wouldn’t even know how to set up an e-transfer to be completely honest. I’ve never been a fan of that stuff due to the security concerns mentioned previously. I know a lot of independents use them for deposits, but I much prefer picking up the phone and calling.

 

[bazokajoe]

I’m still in the stone age ( read: old school). I wouldn’t even know how to set up an e-transfer to be completely honest. I’ve never been a fan of that stuff due to the security concerns mentioned previously. I know a lot of independents use them for deposits, but I much prefer picking up the phone and calling.

Nothing wrong with that.

 

[Tinmachine]

How did they get access to your account in the first place?

There was malware on my laptop with a keylogger virus. They also hacked into my phone by calling the cell phone provider, impersonating me, to get the sim card switched. Called SIM card hacking. Google it and the stories are endless. This way all online banking was blocked for me. Only found out bc I was also getting a secondary email notification.