How the E-transfer scam works

[Snowday310]

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

 

[y2kmark]

A fool and his money are soon parted.

So that. how it happened...

 

[jalimon]

I have difficulty believing that can happen. Did our banks develop such lousy applications? This is really a stupid flaw.

 

[squeezer]

If the receiver has an auto deposit, it is a moot point because the password isn't an option for the sender.

 

[jimidean2011]

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

Thanks for sharing.

 

[xix]

I have difficulty believing that can happen. Did our banks develop such lousy applications? This is really a stupid flaw.

Yes.

 

[xix]

How criminals are using mobile banking to steal from your bank account

 

[explorerzip]

If the receiver has an auto deposit, it is a moot point because the password isn't an option for the sender.

I suspect that many people don't know how or haven't setup auto deposit. AFAIK, e-transfer passwords don't need to follow rules like being at least 10 characters long, contain uppercase and lower case letters, numbers, symbols and can't be a dictionary word or name. Or making the e-transfer expire if it's not used within 24 hours. That would certainly make things more inconvenient, but would also increase security.

 

[explorerzip]

I have difficulty believing that can happen. Did our banks develop such lousy applications? This is really a stupid flaw.

That's because they designed the e-transfer system with convenience and not security in-mind. They can ceratnly make the system much more secure, but it will sacrifice convenience and would likely increase support calls.

 

[black booty lover]

If the receiver has an auto deposit, it is a moot point because the password isn't an option for the sender.

Kind of pointless thread. This all you need to know, and most have auto deposit for this exact reason.

 

[slyjoker666]

For fuck sakes! I've been in this hobby for over a decade. Never once got scammed. If she asks for a e-transfer/deposit first. It’s a scam. No ifs or buts about it. Even if she says it’s part of the vetting process. Your rly wanna risk it? Too many dummies thinking with their dicks and then come crying to this forum looking for sympathy. I got none to give you.
.

 

[Leimonis]

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

Imagine how skanky would be the girl who needs you to send her $5 for condoms.
I think just receiving a request like that would kill my erection for a few days

 

[escortsxxx]

I have difficulty believing that can happen. Did our banks develop such lousy applications? This is really a stupid flaw.

lol. Banks have a large amount of stolen from the daily. Skimmy devices were common for about 20 years but no esrnings Have ever been made to my knowledge ,

ATM Skimming | Federal Bureau of Investigation

How criminals use hidden cameras, fake card slots, and other ruses to steal your money at the ATM.

www.fbi.gov

02 minute safety procedure when using a bank card will protect you from this device Which could be posted on the machine question. A photo of what it's supposed to look like And what you need to do to see if a false 1 is there.

To their credit banks now have Change the design of ATM's Make this harder.


Inspect the ATM, gas pump, or credit card reader before using it…be suspicious if you see anything loose, crooked, or damaged, or if you notice scratches or adhesive/tape residue.
- When entering your PIN, block the keypad with your other hand to prevent possible hidden cameras from recording your number.
- If possible, use an ATM at an inside location (less access for criminals to install skimmers).
- Be careful of ATMs in tourist areas…they are a popular target of skimmers.
- If your card isn’t returned after the transaction or after hitting “cancel,” immediately contact the financial institution that issued the card.


Now an electronic Tap your even easier to rob.

https://www.pcmag.com/explainers/how-to-spot-and-avoid-credit-card-skimmers

Personally I never used debit cards if I can avoid it until the pandemic. The problems are just to great And unsecured.

 

[1kevin]

Never etransfer anyone in this business.

 

[Jenesis]

Why? If it is a payment and not a deposit - what is the issue?

Never etransfer anyone in this business.

 

[Fun For All]

Why? If it is a payment and not a deposit - what is the issue?

Why would that happen, payments are usually made beforehand…now a deposit to save your spot is a risky move, e transfer a stranger is not wise.

 

[1kevin]

Why? If it is a payment and not a deposit - what is the issue?

I want to maintain my anonymity.

 

[coachbobby]

Why? If it is a payment and not a deposit - what is the issue?

CAN'T TRUST ANYBODY. EVEN YOURSELF...E-TRANSFERS ARE BAD BUSINESS.

 

[Muchadoaboutnothing]

A fool and his money are soon parted.

I will say I was fooled by a tenant who did something similar

 

[Muchadoaboutnothing]

CAN'T TRUST ANYBODY. EVEN YOURSELF...E-TRANSFERS ARE BAD BUSINESS.

Well not everyone carries square /similar and i guess some people are forgetting how to use a physical card and visit a physical location