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Interac blindspot - despite having autodeposit
March 6, 2023
6:38 am
hwyc
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https://www.cbc.ca/news/gopublic/etransfers-autodeposit-cancelled-scam-interac-1.6764431

Some credit unions, though, allowed senders to cancel for more than half an hour after the e-transfer was sent — even though the notification the sender received indicated it was completed.

The would-be recipient was not informed of the cancellation.

March 6, 2023
7:24 am
Alexandre
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Thanks for sharing the link. This was an eye opener for me. I thought Interac autodeposit is bullet proof.

March 6, 2023
7:26 am
Winnie
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"After inspecting the tools, "Steve" opened a banking app on his phone.
Mason entered her email, watched him type in $480 and hit "send." She then read a confirmation number, indicating the transaction was done."

Why would she watch and read ANYTHING on his phone?
Absolutely not acceptable and totally wrong.
That is solely her mistake.
TD bank is not responsible at all for this.

"After "Steve" drove away with the tools, Mason checked the banking app on her phone, expecting the notification of deposit to show up any minute."

Mason should check the banking app on her phone BEFORE and only after that she should forward the tools to "Steve".
That is very simple and secure.
She failed to do that and that is completely her fault, not TD bank and/or Interac.

March 6, 2023
7:50 am
hwyc
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In addition to the Interac provided notifications, some banks (e.g. Tangerine), unfortunately not all, also provide real time transaction notifications. Therefore, choosing which bank account to receive autodeposit helps, I think.

… Let the discussion be constructive, not judgemental

March 6, 2023
8:06 am
co
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Thanks for sharing!

So the moral of the story is to transact with un-trusted parties in cash (and bank draft for larger transactions?)

March 6, 2023
10:03 am
savemoresaveoften
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Winnie said
Mason should check the banking app on her phone BEFORE and only after that she should forward the tools to "Steve".
That is very simple and secure.
She failed to do that and that is completely her fault, not TD bank and/or Interac.  

I am with you Winnie. Its the most basic thing to check in the age of E crime and whats not.

When I sell on Kijiji or FB, I always says cash only and meet up either outside a the police station or outside a bank where there is guarantee video surveilance 24/7. I also dont do high value transactions with stranger or high risk items like cellphones.

March 6, 2023
10:11 am
AltaRed
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I sold a vehicle last year. The buyer and I met at the registration agent's office and I did not sign the transfer documents until MY phone told me via email from MY bank that the auto-deposit e-transfers the buyer sent to me were confirmed deposited into my account.

Anything on the buyer's phone saying the transaction was 'confirmed' means nothing

March 6, 2023
11:45 am
Alexandre
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Usually, Interac transfer arrives quickly, but sometimes it takes its time. Once I sent myself Interac transfer to my own account with autodeposit. An hour later, it didn't arrive yet. I tried to cancel it at my sender account, to no avail. About 2 hours after I sent it, transfer arrived.

The guy from the article must have been aware of this, and of the fact people believe Interac transfer with autodeposit is irreversible. How would you keep someone after you made a sale for next 1-2 hours if transfer was delayed? You would think "well, it'll arrive eventually, I saw on their phone transfer was made."

March 6, 2023
12:56 pm
savemoresaveoften
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Alexandre said
Usually, Interac transfer arrives quickly, but sometimes it takes its time. Once I sent myself Interac transfer to my own account with autodeposit. An hour later, it didn't arrive yet. I tried to cancel it at my sender account, to no avail. About 2 hours after I sent it, transfer arrived.

The guy from the article must have been aware of this, and of the fact people believe Interac transfer with autodeposit is irreversible. How would you keep someone after you made a sale for next 1-2 hours if transfer was delayed? You would think "well, it'll arrive eventually, I saw on their phone transfer was made."  

From my experience in the past, Tangerine is one of those that does NOT arrive immediately, more like an hr later. TD and BMO was real time if I remembered correctly. When someone suggests to pay me EFT at meet up, I always mention the transaction is NOT completed until I see the money in my account, and warn against that method of payment as neither me nor the buyer wants to wait around.

March 6, 2023
1:10 pm
R220
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Even if she had checked her balance, she would not be safe. I had my bank withdraw etransfer $ that had earlier shown as deposited.

March 6, 2023
1:51 pm
Winnie
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R220 said
Even if she had checked her balance, she would not be safe. I had my bank withdraw etransfer $ that had earlier shown as deposited.  

Can you please tell us what was your bank explanation for reversing that particular E-transfer deposit?

March 6, 2023
2:37 pm
savemoresaveoften
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R220 said
Even if she had checked her balance, she would not be safe. I had my bank withdraw etransfer $ that had earlier shown as deposited.  

That is extremely rare and must be under some very special circumstances. More details pls

March 6, 2023
2:49 pm
hwyc
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R220 said
Even if she had checked her balance, she would not be safe. I had my bank withdraw etransfer $ that had earlier shown as deposited.  

Think I get what you are saying. Should not be overly confident even when it is shown on the bank record.

The funds are being pushed into the account. With autodeposit, the account holder is in a passive role.

What happened when the sender genuinely send to a wrong email address? To that end, think I hear stories about the other guy simply cash out and close the account out right.

March 6, 2023
2:59 pm
R220
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Winnie said

Can you please tell us what was your bank explanation for reversing that particular E-transfer deposit?  

My bank told me "the funds were never released to us" and they "never fully received the funds from interac" After days of me calling and attempting to escalate, my bank put the money back into my account -- 4 days later. This happened years ago, and yes hopefully a rare occurrence?, but I'm still not trusting my bank or etransfers.Bank-etransfer.png

June 8, 2024
7:39 am
hwyc
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Learn something new today (not related to post #1).
Interac e-Transfer is not via email only. It can be via *mobile number* as well.

https://www.rbcroyalbank.com/onlinebanking/bankingusertips/notices/register-mobile-number.html

Unfortunately, TD bank does not yet support registering a mobile number for Autodeposit. I have to fallback to an incoming SMS text & answer to the security question from the sender. Almost dismissed as spam! sf-yell

Can you register mobile # at your bank for Interac e-Transfer Autodeposit?
Want to know.

June 8, 2024
7:09 pm
savemoresaveoften
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CIBC can register both email and phone number for autodeposit.

*edit* I have recd via my mobile number, and almost 99% sure it is autodeposit as well given I have setup autodeposit for a long time.
Most send to me via email tho.

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