Interesting scam

[LBV]

I've seen on CTV news where yes indeed the e-transfer was deemed fraudulent ... some story about someone thinking the same thing (e-transfers are as good as gold) sold his item and then bank took the $ back.

Then again, there may have been more to the story that wasn't known about at that time??

 

[Evoex]

No, they can't do that with an etransfer once it's completed.

Interac etransfer transactions are treated the same as cash transactions. Imagine the bank's response if you request your cash rbe returned because mailed it to a fraudster through Canada Post.

Ontario man loses $1,000 merchandise in apparent e-transfer fraud

A Brampton, Ont. student who sells collectible running shoes says he was shocked when a $1,000 e-transfer payment he received was reversed by his bank.

toronto.ctvnews.ca

tell that to RBC?

 

[GreyGhost]

Ontario man loses $1,000 merchandise in apparent e-transfer fraud

A Brampton, Ont. student who sells collectible running shoes says he was shocked when a $1,000 e-transfer payment he received was reversed by his bank.

toronto.ctvnews.ca

tell that to RBC?

It is pretty clear that it is possible but the banks pretend it isn't to minimize their workload.

 

[Mad Mike]

Ontario man loses $1,000 merchandise in apparent e-transfer fraud

A Brampton, Ont. student who sells collectible running shoes says he was shocked when a $1,000 e-transfer payment he received was reversed by his bank.

toronto.ctvnews.ca

tell that to RBC?

You don't always get the whole truth in a newspaper article. In a situation like this the fellow may have got notification that funds were transferred to him, but the funds would have never hit his account, they would have been intercepted by RBC and held.

I handled thousands of Interac disputes and fraud cases when I was a banker - that story just would not happen as written.

 

[Mikedezo44]

Last summer my helper was selling his old phone on kijiji for a couple hundred dollars, got an email from someone wanting it down in the states, was sent a fake e transfer email, clicked accept, had an hour glass spinning showing the deposit was going through.. he paid to mail it down to Miami after I told him not to. Quick google search of the address showed an empty lot. Phone and postage gone lol. Then when he was texting back and forth telling this scammer off, the scammer had audacity to get mad at him, and even try and scam more money out of him. I forget the whole story but shows not only seniors falling victim.

I think any retail store should warn their cashiers if anyone coming in wants over $500 in gift cards the supervisor should come and ask a couple of questions. Seems like so many let seniors buy $1000's worth of gift cards.

 

[Lash]

Can someone from the US e-transfer cash for a purchase? I have been using PayPal but would rather use emt. Most people down there don’t seem to have a clue about it.

 

[GreyGhost]

Can someone from the US e-transfer cash for a purchase? I have been using PayPal but would rather use emt. Most people down there don’t seem to have a clue about it.

xe.com can do it. I have used them many times before (but for wire transfers). I would think e-transfer bank to bank in different countries and currencies would not go well.

 

[Lash]

Thanks, I’ll look into that.

 

[mimico_polak]

Can someone from the US e-transfer cash for a purchase? I have been using PayPal but would rather use emt. Most people down there don’t seem to have a clue about it.

You sure can. I've sent, and received, money from Europe via SWIFT.

There's a cost for sure, but it's fairly good.

I've also used Western Union through the BMO portal.

 

[Mad Mike]

Can someone from the US e-transfer cash for a purchase? I have been using PayPal but would rather use emt. Most people down there don’t seem to have a clue about it.

There are services that do this, they basically bridge Interac and the US ACH systems. RBC and TD customers with CBB (cross border banking arrangements) can also move funds between accounts to access the Canadian and US e-transfer systems. If you have a VISA debit or credit card from a Canadian bank, you might access Visa Direct for transfers to people and businesses anywhere in the world with a VISA or Mastercard credit or debit card issued by a participating bank.

 

[GreyGhost]

I think any retail store should warn their cashiers if anyone coming in wants over $500 in gift cards the supervisor should come and ask a couple of questions. Seems like so many let seniors buy $1000's worth of gift cards.

Sadly it's like tobacco sales. Retailers make a lot of money off it. If it harms the end user, that's their problem.

 

[KreativeKreature]

What usually happens with this type of fraud:
1) Fraudster sends you a forged cheque as a deposit, say $300, and books your service.
2) Shortly thereafter the fraudster cancels the service stating some emergency. They ask for a refund by e-transfer or Western Union, the cancel request goes like this... "Sorry, an emergency [mother had heart attack] so I can't get back to town for a while, I need to cancel. I feel bad about this, just send me $200 back. I really need the funds immediately to buy a bus ticket to Halifax -- my mom needs me. Keep the balance for your trouble, I'll stay on the line to confirm the refund".
3) The victim says OK, and sends back $200.
4) 2 days later the bank bounces the forged cheque and takes $300 from your account. After the dust settles you are out the $200 sent to the fraudster.

This is a common scam, as a banker I saw it regularly -- but usually, for a lot more, $1,500 was common. Variations are done by phone, by strangers approaching you at a bank machine.

What @Mad Mike described is very very common scam practice used for sending a deposit on buying pets online. A lot of first time pet sellers have fallen prey to this scam.
For different types of Scams refer HERE

 

[cruiserider]

Safer than most! As far as I know they can’t be reversed easily if at all.

If the scammer sends the e transfer from hacked bank account, the bank and police will eventually take it back ( after investigation). I usually play low with e transfer deposits ($100-$200), the rest is cash on pickup. If the buyer offers to send me $4000-$5000 via e transfer without even negotiating the price, I tell them to chase my squirrels.


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