Do you use e-Transfer? You may want to read this
May 14, 2019 Leave a comment
Do you use e-Transfer [or equivalent]?
e-Transfer allows you to send money from your account to someone by Email or text message. You specify the amount and to whom. You also include a security such as what is my mother’s maiden name or my paternal great grand-father’s first name. Of course the recipient would know the answer. The sender could pay a small fee for this service.
The transfer is sent to the individual by Email or text message. After a period of time [maybe 30 days], if the Email or Text message isn’t opened and then money is transferred, then transfer expires and the send can reclaim their money.
So what’s the problem?
There has been at least a couple of cases where the recipient never got their money from the sender because by the time they opened the Email, the transfer was already transferred to someone – just not them.
Once the Email is received, anyone can take the money transfer. And that is the problem.
In the cases, the recipient had their Email account hacked. The hacker figured out what the recipient’s Email address’ password was and monitored it for Email such as this [or maybe other financial Emails].
The recipient complained to their bank but the bank wouldn’t do much initially because the recipient’s account was hacked with a simple password. Somewhere on the web site, in fine print, it says that the bank won’t allow any guarantee if it find an account was hacked or other had security issues. The recipient said the bank’s web site says the transfers are secure.
Moral of the story?
Make sure you use an unique password for all Email and financial accounts. Don’t use something like “MyMoney1” for a password for one account and “MyMoney2” for another as a hacker may attempt to try changing just the number on other sites once they figured out one. The same applies for special characters.
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