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E-transfers: Convenient, but controversial

When it comes to moving money, e-transfers are the method of choice for many. With fewer people carrying cash and even fewer using cheques, it’s not surprising that online banking and interact money transfers are popular due to its convenience.

That said, sometimes things that are ultra convenient to use come with other risks. You might be wondering how something that is offered by the bank – with its secure platform – could be deemed unsafe. The trouble isn’t with the banking app or website but with the email the recipient uses.

E-transfers to email

E-transfer is short for email money transfer. So, while the money goes from bank account to bank account, the transfer is facilitated through email. You get the email and then click on your bank’s logo, login with your normal passwords and the extra password to accept the transfer.

While your bank might have great cyber security, the email platform might not.

This means hackers from anywhere in the world could attempt to rob you online. When your personal banking is compromised, it is nearly impossible to catch the person responsible. Because hacker’s can be from anywhere in the world, you cannot call your local police. While banks are covered for situations like this, you will have to sign affidavits and other forms confirming that the theft happened without your knowledge or consent.

How to make it safer

In today’s fast-paced world, it’s hard to get away from e-transfers. It’s important that you always ask the person you need to pay if they’re okay with e-transfers. You also need to authorize others to send you them. If you would rather receive payment a different way, let the person or business you’re dealing with know your preference.

To make it safer to receive e-transfer, never send a second e-mail letting the person know what the password is. The password should be obvious enough that the person should’t have an issue figuring it out based on the security question you give.

In addition to that, the security question you give should be personal to the person you’re sending it to. Giving a universal question, such as “what colour is the sky?” isn’t smart because anyone can answer that one. Use pet’s names or favourite foods that only that person would know.

If you do feel like you need to tell them the password, do it over the phone or send it in a text. You don’t want the password going to the same email as the e-transfer.

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Contact us if you have any other cyber security questions!