New stats on e-transfer fraud
"... last year fraudsters made off with nearly 1,800 e-transfers totalling almost $3 million in reported losses — up more than $400,000 from 2019."
https://www.cbc.ca/news/gopublic/etrans ... -1.5889910
The article talks about the frustration of victims that the banks won't trace stolen e-transfers, and just blame insecure email. They continue to say on their web sites that e-transfers are completely secure, and suggest that customers use a strong security question/answer that they send to the intended recipient by other means.
Unfortunately the article does not mention that things are different if recipients have set up auto-deposit, as pointed out here previously on RFD: interac-auto-deposit-feature-warning-2435938/
If the recipient has auto-deposit enabled (which some banks tell you and others don't at time of sending), they do not need a security question/answer, and the money will be auto-deposited to their bank account immediately when you send an e-transfer to their email address. So even if somebody else is intercepting their email, they will be too late to intercept the e-transfer.
https://www.cbc.ca/news/gopublic/etrans ... -1.5889910
The article talks about the frustration of victims that the banks won't trace stolen e-transfers, and just blame insecure email. They continue to say on their web sites that e-transfers are completely secure, and suggest that customers use a strong security question/answer that they send to the intended recipient by other means.
Unfortunately the article does not mention that things are different if recipients have set up auto-deposit, as pointed out here previously on RFD: interac-auto-deposit-feature-warning-2435938/
If the recipient has auto-deposit enabled (which some banks tell you and others don't at time of sending), they do not need a security question/answer, and the money will be auto-deposited to their bank account immediately when you send an e-transfer to their email address. So even if somebody else is intercepting their email, they will be too late to intercept the e-transfer.