Is EMT safe for the seller?

[huntsfurfish]

Hi all! Was wondering if this is a safe form of payment $500-$1000.00

Shipping and insurance paid by buyer? Signature?

Always had payment face to face with cash.

Is there any concerns?

Thank you all for your help!

[Jerry D]

I don’t think you can get it back once it’s accepted.

Face to face is best. Call them. Ask for photos. Ask for photos with a date or newspaper if it’s going sideways. Maybe if they have a trader rating. That helps.


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[Jerry D]

If you are the seller, emt is great as far as I know


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[mrcrossbow]

iv done probably close to 200 maybe more e transfer sales or buying and have never had a problems. money hits my bank, i ship item or i send money and the item is shipped to me. but like anything. for my good story there is probably 2 bad ones from other ppl. yes there is definitely a risk the person says f you and keeps the money and your out the cash. keep all texts or emails and if it happens call your local rcmp and file charges.

[huntsfurfish]

I am going to be the seller. And will ship, but was concerned with payment, the guy is from a small town in northern BC.

Thanks guys for the quick replies.

[Ken07AOVette]

They can be reversed in certain circumstances.

Only cash is non reversible.

[calgarychef]

They can be reversed in certain circumstances.

Only cash is non reversible.

I’ve heard recently about buyers reversing the payment… how does that work?

[Ken07AOVette]

you can even have a certified cheque reversed if you lie hard enough. The banks say the only way they accept it is if it is a forged document.

'I did not do that, someone must have hacked my information'

[Hawkeye]

I have never had any problems receiving an EMT, but am not entirely surprised that it can be reversed.

A couple of times, I have had a buyer go into a branch of the bank that I use, pay cash and have that money sent to my account. To do this, I have to give the buyer my account number (if you write cheques, this information is always on your cheque). The buyer did not need to have an account in that bank, they just need to show up with cash and have all of the information (name of account holder, address and branch number of bank, account number). This has worked well and there was no extra charge to the buyer (apart from their time and the trip to the bank).

Good luck!

[wildwoods]

EMTs are not reversible after you A) accept them or B) have auto deposit set up. I have received and sent millions of dollars in EMTs. I’ve never had a single issue (other than once in a while they take a few mins/couple hrs to send or receive).

You are safe

[Ken07AOVette]

EMTs are not reversible after you A) accept them or B) have auto deposit set up. I have received and sent millions of dollars in EMTs. I’ve never had a single issue (other than once in a while they take a few mins/couple hrs to send or receive).

You are safe

You are wrong.

Just because YOU have never had it happen does not mean it does not happen.

[wildwoods]

You are wrong.

Just because YOU have never had it happen does not mean it does not happen.

I would love to hear how this can possibly happen. Yes you can edit the transfer once sent and even cancel before it’s accepted. But once she’s accepted or auto deposited, she’s gone.

[Parker Hale]

I've used EMTs as both buyer and seller, never had a problem with either, I find it very useful. As a seller I don't ship the item until I see the deposit in my account. I purchased a trigger for my 10/22 from a member, not only did I get the trigger it came packed in a bunch of nice bore patches! I have been very fortunate with the people I have dealt with, especially on AOF. Like mrcrossbow says "there's always a risk".

[Ken07AOVette]

I would love to hear how this can possibly happen. Yes you can edit the transfer once sent and even cancel before it’s accepted. But once she’s accepted or auto deposited, she’s gone.

Anything can be reversed. If the money is gone from the account it becomes overdrawn.

I was shocked and sickened when I first heard of this too. But, it can happen.

[Pathfinder76]

Anything can be reversed. If the money is gone from the account it becomes overdrawn.

I was shocked and sickened when I first heard of this too. But, it can happen.

I’m all ears as to how this can happen.

[Positrac]

EMTs are not reversible after you A) accept them or B) have auto deposit set up. I have received and sent millions of dollars in EMTs. I’ve never had a single issue (other than once in a while they take a few mins/couple hrs to send or receive).

You are safe

Before we had auto deposit it sometimes took a half hour or longer to get them. Made it a pain in the arse when I was selling stuff and a guy wanted to see it before sending the EMT because naturally I didn’t want anything leaving before I got the transfer. Since setting up the auto deposit they have all come through within minutes. Probably a few dozen transfers. I always wondered if it was a coincidence or whether they went through faster if a password wasn’t involved.

[wildwoods]

Before we had auto deposit it sometimes took a half hour or longer to get them. Made it a pain in the arse when I was selling stuff and a guy wanted to see it before sending the EMT because naturally I didn’t want anything leaving before I got the transfer. Since setting up the auto deposit they have all come through within minutes. Probably a few dozen transfers. I always wondered if it was a coincidence or whether they went through faster if a password wasn’t involved.

Yes auto deposit EMTs are the best thing since sliced bread

[tirebob]

Anything can be reversed. If the money is gone from the account it becomes overdrawn.

I was shocked and sickened when I first heard of this too. But, it can happen.
EMT and Interac e-transfers are totally different animals. The Interac e-transfer is different in that the sender does not have any knowledge of where the recipient will deposit the money, and the money that is being sent is taken before sending so the account can never be over drawn against the transfer nor can the sender cannot ask for it back once deposited.

That said the common scam for interac e-transfer is for someone to use a hacked bank account to send money, and then tell the recipient they changed their mind and ask for the money back, or even they will send more than was asked for “accidentally” then ask for the difference to be returned.

This was all attempted on my business once but I caught it as it seemed fishy to begin with before depositing the money and called the bank. They said they were thankful because once the money would have been deposited in my account there would have been no way to retrieve it and that’s why banks have limits as it protects their exposure.

EMT I think is different and you can get hit after the fact as it is essentially an electronic cheque as usually a void cheque is needed to set them up on the senders end.

This is just my experience though and I will not say it isn’t possible the bank employee was not misinformed. Anecdotally I have sent and received Interac e-transfers hundreds of times through business as well as personal and never had anything get taken back.

[Pathfinder76]

EMT is email money transfer. It’s the same thing

[tirebob]

EMT is email money transfer. It’s the same thing
No… People call Interac e-transfers EMT’s all the time but an actual bank account to bank account EMT is different. We use both in our business and one is only for longstanding business to business dealings with us. The other is any retail dealing.

I mean I guess for arguments sake, both are electronically transferred money, but the two are done completely differently. EMT was around long before Interac e-transfer.

EDIT - SORRY CHUCK! I am confusing my terms and meant to say EFT’s are different :bad_boys_20:

Yes EMT is generically saying electronic money transfer while EFT is Electronic funds transfer, which is what is radically different.

[wildwoods]

EMT is email money transfer. It’s the same thing

Beat me to it
EMT is an email money transfer.
EFT is an electronic funds transfer (direct deposit)

The common bank scam is not related at all to email money transfers but a change of the html (or other software language) of a web browser to show wrongs funds transferred. This is intended for the victims to send the “overpaid” funds back. But that’s a whole other ball of wax and nothing to do with EMTs

[wildwoods]

No… People call Interac e-transfers EMT’s all the time but an actual bank account to bank account EMT is different. We use both in our business and one is only for longstanding business to business dealings with us. The other is any retail dealing.

I mean I guess for arguments sake, both are electronically transferred money, but the two are done completely differently. EMT was around long before Interac e-transfers.

Yes this is completely different. It’s a “payee” set up, typically such as paying a utility company or your property tax. But nothing to do with email. Just google EMT payment and you will see

[Ken07AOVette]

If you go to your bank and talk to one of the girls at the counter they will tall you all forms of electronic transfer are safe.

When you talk to someone that knows their butt from a hole in the ground you will find out the truth. Trouble is that may take some doing.

[wildwoods]

If you go to your bank and talk to one of the girls at the counter they will tall you all forms of electronic transfer are safe.

When you talk to someone that knows their butt from a hole in the ground you will find out the truth. Trouble is that may take some doing.

You haven’t given a plausible example. I’ve never had an issue and I’ve dealt with hundreds of people with EFTs and EMTs. Electronic money theft happens. But not thru normal vehicles of bank payment. There’s always a red flag there and not hard to figure out

I’m all ears. Until you can enlighten all of us, you’re really only creating a fear that shouldn’t exists under those normal circumstances

[Pathfinder76]

If you go to your bank and talk to one of the girls at the counter they will tall you all forms of electronic transfer are safe.

When you talk to someone that knows their butt from a hole in the ground you will find out the truth. Trouble is that may take some doing.

Ken, you are digging a hole. Can you please give me a plausible example of how this can happen?

[CNP]

Fer cryin' out loud sell what your selling and accept the emt or e-transfer, it's the same thing. It's a routine thing and if you want you can have it deposited directly into your account without accepting it by selecting auto deposit on your online banking platform (CIBC, RBC, BMO, etc)

[elkhunter11]

I know that when I send an Interact e transfer, the money comes out of my account immediately, so I would like an explanation of how there can be insufficient funds to cover it.:thinking-006:

[jungleboy]

I used make and sell custom fire pits and accepted emt as pre payment for them or cash that was your only option I never had an issue . I probably received 50 to 60 grand a year in Emt payments. Never once had an issue.

I recently sold a gun to a fellow in Ontario who paid with a postal money order , it worked just fine but took 3 weeks before I saw the money order.

[averagejoe]

There are a couple things to watch out for. The most common is a fake EMT email. It will look legitimate but is designed to get your banking details. This is one of the biggest reasons for setting up auto deposit through your online banking app/website. The sender enters your info and it gets deposited instead of you having to click on a link and enter your username and password.


Another is a fake one saying that you have been sent the money and it has been deposited and show an amount. The buyer will then want the item sent or if face to face take the item and run before you check your bank balance and find out it is fake.

[waldedw]

In the electronic and technical world we live in I only assume that anything is possible if you are technically advanced enough to know how to make it happen, I personally have never had a problem with EMT or Interact transfers either sending or receiving them and have done 100's.

This is not to say that they are fool proof but my financial adviser ( not the girl on the counter ) at the CIBC told me that once an interact transfer is accepted it's a done deal, in rare cases the sender could go to their bank and make a formal application to get it reversed, she said it's a long process and involves both parties and both banks and a lot of paper work and time.

[Ken07AOVette]

Ken, you are digging a hole. Can you please give me a plausible example of how this can happen?

Elders used to say open your ears and shut your mouth.

Maybe more reading less typing in this situation for you.

Reply 8

[Ken07AOVette]

I know that when I send an Interact e transfer, the money comes out of my account immediately, so I would like an explanation of how there can be insufficient funds to cover it.:thinking-006:

Same as if you have an nsf cheque. You go overdrawn. :rolleye2:

[Off in the Bushes]

you can even have a certified cheque reversed if you lie hard enough. The banks say the only way they accept it is if it is a forged document.

'I did not do that, someone must have hacked my information'

I think that the bank may cover the debt/ withdrawal but they can’t reverse it. Not without a court document I would think.

[elkhunter11]

Same as if you have an nsf cheque. You go overdrawn. :rolleye2:

You can write an nsf cheque with zero money in your account, if you try and send an interact e transfer without enough money in the account, the system won't let you. And as soon as you send the interact e transfer,the money comes out of your account, so you can't send that money again.

[Ken07AOVette]

You can write an nsf cheque with zero money in your account, if you try and send an interact e transfer without enough money in the account, the system won't let you. And as soon as you send the interact e transfer,the money comes out of your account, so you can't send that money again.

huh?

we are talking about reversing the etransfer/emt/eft

the sender reverses it, and the receiver is overdrawn

[Cement Bench]

Ken is correct as per usual

my understanding is as follows

——- auto deposit is very hard to get back

——— with a password for the emt and calling the bank or in person I have got my money back twice, took about an hour in person both times and the rcmp opened a file

asked the bank for a handout on this for next time and they did not give me one
but said you got your money back this time what do you care

filled out a declaration both times

similar to the bank draft that has never been cashed for 3 years, took a month but got the funds back
and in the case of the bank draft the bank did not tell me it was never cashed, unlike a emt if it does not go through

later, wished I,had the documentation from the bank but,they don’t like to,admit they made a mistake or acknowledge a problem of any kind

welcome to the real world

later and thanks Ken for the positive approach to getting answers

Cement Bench

[CNP]

There is no such thing as an nsf interac-e-transfer/emt. If there are no funds to transfer you cannot perform the transfer. Once an interac-e-transfer/emt is deposited into the receivers account it cannot be taken back. So if you are a seller and have the funds in your account, you are golden.

Forget all the other bs ^^^^^^^^^^

[bat119]

There is no such thing as an nsf interac-e-transfer/emt. If there are no funds to transfer you cannot perform the transfer. Once an interac-e-transfer/emt is deposited into the receivers account it cannot be taken back. So if you are a seller and have the funds in your account, you are golden.

Forget all the other bs ^^^^^^^^^^

X2 once you deposit funds it's a done deal no backsies
A EMT can't be reversed, the funds are withdrawn from the senders account, if funds aren't available the EMT can't be sent.

[Pathfinder76]

Elders used to say open your ears and shut your mouth.

Maybe more reading less typing in this situation for you.

Reply 8

Ken, you are spreading false information. Period.

[Pathfinder76]

Ken is correct as per usual

my understanding is as follows

——- auto deposit is very hard to get back

——— with a password for the emt and calling the bank or in person I have got my money back twice, took about an hour in person both times and the rcmp opened a file

asked the bank for a handout on this for next time and they did not give me one
but said you got your money back this time what do you care

filled out a declaration both times

similar to the bank draft that has never been cashed for 3 years, took a month but got the funds back
and in the case of the bank draft the bank did not tell me it was never cashed, unlike a emt if it does not go through

later, wished I,had the documentation from the bank but,they don’t like to,admit they made a mistake or acknowledge a problem of any kind

welcome to the real world

later and thanks Ken for the positive approach to getting answers

Cement Bench

This is totally different from what Ken is talking about. At all.

You are referring either to fraudulent activity. Ie someone sent funds from your account electronically without your knowledge, or you sent funds to the incorrect recipients.

Regarding the draft. The only reason you were able to get them reversed is because your draft had not been negotiated. And, the bank will absolutely send you notification that the funds are outstanding.

[elkhunter11]

This is totally different from what Ken is talking about. At all.

Exactly! Once the receiver has deposited the funds, you can't just go into your online banking, and cancel/reverse the interact e transfer. And you can't send the transfer, unless you have the money in your account to begin with, so it's nothing like an nsf cheque.

You wouldn't happen to work in the banking industry Chuck?

[Tronneroi]

Never had an issue with an E transfer. Mine is set up for auto deposit. Sender on the other end will see this as a note and once she's gone, she's gone.

Definitely safe.

[Pathfinder76]

Exactly! Once the receiver has deposited the funds, you can't just go into your online banking, and cancel/reverse the interact e transfer. And you can't send the transfer, unless you have the money in your account to begin with, so it's nothing like an nsf cheque.

You wouldn't happen to work in the banking industry Chuck?

How did you guess? Only for 17 years or so. But apparently I need to listen more and talk less.

[elkhunter11]

How did you guess? Only for 17 years or so. But apparently I need to listen more and talk less.

I just had that feeling, you seemed very confident that you knew what you were talking about.:)

[Ackleyman]

There is no such thing as an nsf interac-e-transfer/emt. If there are no funds to transfer you cannot perform the transfer. Once an interac-e-transfer/emt is deposited into the receivers account it cannot be taken back. So if you are a seller and have the funds in your account, you are golden.

Forget all the other bs ^^^^^^^^^^

Exactly

[fishtank]

In the electronic and technical world we live in I only assume that anything is possible if you are technically advanced enough to know how to make it happen, I personally have never had a problem with EMT or Interact transfers either sending or receiving them and have done 100's.

This is not to say that they are fool proof but my financial adviser ( not the girl on the counter ) at the CIBC told me that once an interact transfer is accepted it's a done deal, in rare cases the sender could go to their bank and make a formal application to get it reversed, she said it's a long process and involves both parties and both banks and a lot of paper work and time.
Yep that usually happens on high value items , saw a news article about some lady had the accepted payment reversed months after a fancy 3000$ purse sale .

[Hawkeye]

When I was in veterinary school in Saskatoon (1978-82), Dr. Otto Radostits was a faculty member and a world-renowned expert (he was co-author of the definitive book on large animal medicine). I can still here his voice saying: "You can be so damn sure and you can be so damn wrong."

[Dean2]

So interestingly enough, both Chuck and Ken are right. EMT and Interac Funds transfer are the same thing. Interac provides the platform that almost all Canadian Banks use to effect EMT, including the Auto Deposit capability.

https://www.interac.ca/en/consumers/products/interac-e-transfer/enhanced-features/


If you accept an EMT via entering the password, or having auto deposit, 99.9% of the time it is not reversible. As long as you can see the money is actually in the account, either online, mobile app, or at the bank, then the money is yours. In .1% of cases, where fraud, taking someone's property or money by deceit, can be proven, AND the money is still available or has been frozen by the receiving bank you can get a EMT returned to you. In most fraud cases, this doesn't happen because the money is gone almost as soon as it is deposited. Then you have to sue the fraudster in civil court or prove the other bank knew their customer was involved in fraud, Given EMT is limited to 2,500 bucks neither of those routes is going to be worth the effort.

So just to be clear, the sender cannot under any circumstances have the EMT payment reversed without the agreement of both banks and having proven a criminal act.

From Interac's Site



How Interac e-Transfer security works

When you send money using Interac e-Transfer®, your money doesn’t actually travel by email or text message – just the notifications and deposit instructions. The receiving and sending bank or credit union transfer the funds to each other using established and secure banking procedures:

Authentication and transaction encryption
Financial institution authentication
Proprietary risk management

Interac e-Transfer users are protected by multiple layers of security, making the service one of the most secure money transfer services globally.

Your bank or credit union’s security measures include:

Encryption technology
Confidential user IDs and passwords
Secure login process
Security question and answer

Tips for usage: How to send money safely

We all have a role to play in keeping our financial activity secure:

Exercise caution when it comes to sending or receiving money.
Only send money to people you know and trust, just as you would cash. An Interac e-Transfer transaction cannot be reversed once a recipient has deposited the funds.
Always use a strong password that can’t easily be guessed or found – and make sure you share it via a safe channel.
Better yet: Suggest that your recipient set up Interac e-Transfer Autodeposit for ease and added security.

Tips on buying from an online ad

Take the same precautions you would with cash purchases. Be sure to read any guidelines or policies for protecting yourself as outlined by the site. Tips include but are not limited to:

Meet the seller face-to-face
Don’t include the answer to the security question in the question itself
If looking at leasing a rental unit, visit the unit before sending money
Don’t disclose the Interac e-Transfer reference number (starts with CA) to anyone, even if they ask
Use vigilance at all times – remember, once an Interac e-Transfer transaction is accepted by the recipient it can’t be reversed
Keep your email passwords safe and difficult to guess

Unexpected Interac e-Transfer notification?

If you receive an Interac e-Transfer text or email you weren’t expecting, confirm with the sender via another channel. If the email or text comes from someone you don’t know, or you suspect it to be fraudulent, don’t respond or click any links. Forward the email right away to phishing@interac.ca.
Fraud Prevention: Tips to protect yourself from payment scams

It’s important to arm yourself with confidence, awareness, and the right information to help protect yourself and others from digital fraud. Here are some tips to protect yourself from falling victim to online scams:
STOP: Take a moment to stop, think and follow your instincts

Whether it’s a money transfer you weren’t expecting, or an email asking for your personal information, or a charity you haven’t heard of pressuring you to make a donation, you should be on the alert.
SCRUTINIZE: Assess the situation and look for the telltale signs of a scam

Becoming aware of the techniques fraudsters frequently use could be your best defence. Make use of online resources including the Canadian Anti-Fraud Centre to stay up to date on scams and how to spot them.
SPEAK UP: Confirm the validity and report any concerns

If you suspect fraud, contact the sender of the communication through a different channel. If you’ve already provided sensitive information to a fraudster, you should immediately contact your bank or financial service provider through the number listed on their website or on the back of your payment card and report it to the Canadian Anti-Fraud Centre.
Common Scams
Government-Relief Funding Scam

Canadians out of work due to COVID-19 can apply for the Canadian Emergency Response Benefit (CERB). Criminals will try to take advantage of the time that you are waiting to receive your funds to get your personal information.

How to protect yourself:Beware of fraudulent text messages and emails related to government benefits. Do not click on any links if you receive a suspicious email. The only place to confirm receipt of funds is by visiting the Government of Canada website where you submitted your application. The Canadian Emergency Response Benefit (CERB) disbursements will only be made through cheque or direct deposit.
Romance Scam

When a fraudster poses as a romantic interest — either in real life or online — it’s called a “romance scam.” You may begin to suspect one is afoot when your new(ish) love interest asks for money for travel or to deal with an emergency. Eventually they disappear, and never repay any money owed.

How to protect yourself: Be very careful about lending money to anyone you haven’t known very long, even if you’ve become close.
Gift Card Scam

In a gift card scam, fraudsters steal a gift card, put an old one in its packaging, and then wait until it’s sold. Once the card packaging is scanned, the genuine card becomes active – the buyer is holding a decoy while the thief already has the one that actually works.

How to protect yourself: Look very closely at any gift cards you might buy, and avoid any that may have been tampered with. If you buy a gift card and it doesn’t work, report it to the merchant who sold it to you.
Rental Scam

In a rental scam, someone poses as a landlord and says they’re not available at the moment. (Or the scammer poses as an intermediary for an absent landlord.) Either way, they demand an apartment-seeker pay a deposit on an attractive-looking rental, often through a money transfer. The would-be tenant discovers there isn’t actually a rental – and the deposit is gone.

How to protect yourself: Avoid “landlords” who don’t want to meet in person. Never give money for a security deposit.
Fraudulent Vehicle Sale

A seller may request a deposit for a car that’s listed for online sale. When a would-be buyer gets in touch, the seller requests a deposit to hold the vehicle. Once the money has been sent, it turns out there’s no car and the seller vanishes — along with the deposit.

How to protect yourself: Be wary of sellers who won’t meet in person, and sellers who request deposits or sensitive personal information before a transaction.
Lottery Scam

The target is informed of a “lottery win” that can only be claimed after paying an advance fee and/or handing over sensitive information.

How to protect yourself: Bear in mind that a real lottery will never ask for money up front, nor personal information over the phone. Always be at your most cautious when being asked for an up-front fee for anything.
Email Account Hack

Fraudsters gain access to email accounts, and then wait to intercept sensitive information and transactions.

How to protect yourself: Use hard-to-guess passwords for your money transfers, or sign up for INTERAC e-Transfer Autodeposit, which bypasses the need for passwords altogether. Never give out your email passwords to anyone, and change them regularly.
Phone Phishing Scam

This involves an attempt to trick a target into giving up sensitive information or money, scammers phone and pretend to be from a financial institution or government agency — for example, the Canada Revenue Agency.

How to protect yourself: Always remember that if you didn’t place the call, you don’t know for sure who you’re talking to. Under these circumstances, never give out sensitive information, including your name, birthdate or SIN.
“Work from Home” Ads

Often just a front, after responding to a job-posting ad scam, a target will typically be asked to send money in advance for training and work supplies — which will never be reimbursed, because the “job” is fake.

How to protect yourself: Beware of jobs that seem too easy to get, especially when involving “interviews” by phone, email or messaging apps. And as always, be wary of up-front fees.
Online Marketplace Scam

An online marketplace scam is when a fraudster lists something for sale on popular online marketplaces. This could be everyday goods or rare or hard-to-find items. The fraudulent seller will ask for payment in advance of the item and then never send it.

How to protect yourself: Sending money via Interac e-Transfer is like sending cash. Don’t send money to anyone you don’t know. Look at seller reviews and ask to meet in person before sending money to the seller.
Stay aware by checking the following sources of information about fraud:

[Ken07AOVette]

There is no such thing as an nsf interac-e-transfer/emt. If there are no funds to transfer you cannot perform the transfer. Once an interac-e-transfer/emt is deposited into the receivers account it cannot be taken back. So if you are a seller and have the funds in your account, you are golden.

Forget all the other bs ^^^^^^^^^^

Haha wow.

We are talking about cancelling/reversing them.
And the consequences to the receiver are the same as a nsf cheque. The receivers account goes overdrawn if there are not funds to cover the reversal.

[Deezel]

Haha wow.

We are talking about cancelling/reversing them.
And the consequences to the receiver are the same as a nsf cheque. The receivers account goes overdrawn if there are not funds to cover the reversal.
If it can't be reversed, how do NSF charges apply?

An Interac e-Transfer transaction cannot be reversed once a recipient has deposited the funds.

[MK2750]

I am with the no reverse club but did find this interesting;

https://toronto.ctvnews.ca/ontario-man-loses-1-000-merchandise-in-apparent-e-transfer-fraud-1.5080749

[Pathfinder76]

A Russian satellite could also land in your backyard tonight. But I would not lose any sleep over it. At all.

[Pathfinder76]

So interestingly enough, both Chuck and Ken are right. EMT and Interac Funds transfer are the same thing. Interac provides the platform that almost all Canadian Banks use to effect EMT, including the Auto Deposit capability.

https://www.interac.ca/en/consumers/products/interac-e-transfer/enhanced-features/


If you accept an EMT via entering the password, or having auto deposit, 99.9% of the time it is not reversible. As long as you can see the money is actually in the account, either online, mobile app, or at the bank, then the money is yours. In .1% of cases, where fraud, taking someone's property or money by deceit, can be proven, AND the money is still available or has been frozen by the receiving bank you can get a EMT returned to you. In most fraud cases, this doesn't happen because the money is gone almost as soon as it is deposited. Then you have to sue the fraudster in civil court or prove the other bank knew their customer was involved in fraud, Given EMT is limited to 2,500 bucks neither of those routes is going to be worth the effort.

So just to be clear, the sender cannot under any circumstances have the EMT payment reversed without the agreement of both banks and having proven a criminal act.

From Interac's Site



How Interac e-Transfer security works

When you send money using Interac e-Transfer®, your money doesn’t actually travel by email or text message – just the notifications and deposit instructions. The receiving and sending bank or credit union transfer the funds to each other using established and secure banking procedures:

Authentication and transaction encryption
Financial institution authentication
Proprietary risk management

Interac e-Transfer users are protected by multiple layers of security, making the service one of the most secure money transfer services globally.

Your bank or credit union’s security measures include:

Encryption technology
Confidential user IDs and passwords
Secure login process
Security question and answer

Tips for usage: How to send money safely

We all have a role to play in keeping our financial activity secure:

Exercise caution when it comes to sending or receiving money.
Only send money to people you know and trust, just as you would cash. An Interac e-Transfer transaction cannot be reversed once a recipient has deposited the funds.
Always use a strong password that can’t easily be guessed or found – and make sure you share it via a safe channel.
Better yet: Suggest that your recipient set up Interac e-Transfer Autodeposit for ease and added security.

Tips on buying from an online ad

Take the same precautions you would with cash purchases. Be sure to read any guidelines or policies for protecting yourself as outlined by the site. Tips include but are not limited to:

Meet the seller face-to-face
Don’t include the answer to the security question in the question itself
If looking at leasing a rental unit, visit the unit before sending money
Don’t disclose the Interac e-Transfer reference number (starts with CA) to anyone, even if they ask
Use vigilance at all times – remember, once an Interac e-Transfer transaction is accepted by the recipient it can’t be reversed
Keep your email passwords safe and difficult to guess

Unexpected Interac e-Transfer notification?

If you receive an Interac e-Transfer text or email you weren’t expecting, confirm with the sender via another channel. If the email or text comes from someone you don’t know, or you suspect it to be fraudulent, don’t respond or click any links. Forward the email right away to phishing@interac.ca.
Fraud Prevention: Tips to protect yourself from payment scams

It’s important to arm yourself with confidence, awareness, and the right information to help protect yourself and others from digital fraud. Here are some tips to protect yourself from falling victim to online scams:
STOP: Take a moment to stop, think and follow your instincts

Whether it’s a money transfer you weren’t expecting, or an email asking for your personal information, or a charity you haven’t heard of pressuring you to make a donation, you should be on the alert.
SCRUTINIZE: Assess the situation and look for the telltale signs of a scam

Becoming aware of the techniques fraudsters frequently use could be your best defence. Make use of online resources including the Canadian Anti-Fraud Centre to stay up to date on scams and how to spot them.
SPEAK UP: Confirm the validity and report any concerns

If you suspect fraud, contact the sender of the communication through a different channel. If you’ve already provided sensitive information to a fraudster, you should immediately contact your bank or financial service provider through the number listed on their website or on the back of your payment card and report it to the Canadian Anti-Fraud Centre.
Common Scams
Government-Relief Funding Scam

Canadians out of work due to COVID-19 can apply for the Canadian Emergency Response Benefit (CERB). Criminals will try to take advantage of the time that you are waiting to receive your funds to get your personal information.

How to protect yourself:Beware of fraudulent text messages and emails related to government benefits. Do not click on any links if you receive a suspicious email. The only place to confirm receipt of funds is by visiting the Government of Canada website where you submitted your application. The Canadian Emergency Response Benefit (CERB) disbursements will only be made through cheque or direct deposit.
Romance Scam

When a fraudster poses as a romantic interest — either in real life or online — it’s called a “romance scam.” You may begin to suspect one is afoot when your new(ish) love interest asks for money for travel or to deal with an emergency. Eventually they disappear, and never repay any money owed.

How to protect yourself: Be very careful about lending money to anyone you haven’t known very long, even if you’ve become close.
Gift Card Scam

In a gift card scam, fraudsters steal a gift card, put an old one in its packaging, and then wait until it’s sold. Once the card packaging is scanned, the genuine card becomes active – the buyer is holding a decoy while the thief already has the one that actually works.

How to protect yourself: Look very closely at any gift cards you might buy, and avoid any that may have been tampered with. If you buy a gift card and it doesn’t work, report it to the merchant who sold it to you.
Rental Scam

In a rental scam, someone poses as a landlord and says they’re not available at the moment. (Or the scammer poses as an intermediary for an absent landlord.) Either way, they demand an apartment-seeker pay a deposit on an attractive-looking rental, often through a money transfer. The would-be tenant discovers there isn’t actually a rental – and the deposit is gone.

How to protect yourself: Avoid “landlords” who don’t want to meet in person. Never give money for a security deposit.
Fraudulent Vehicle Sale

A seller may request a deposit for a car that’s listed for online sale. When a would-be buyer gets in touch, the seller requests a deposit to hold the vehicle. Once the money has been sent, it turns out there’s no car and the seller vanishes — along with the deposit.

How to protect yourself: Be wary of sellers who won’t meet in person, and sellers who request deposits or sensitive personal information before a transaction.
Lottery Scam

The target is informed of a “lottery win” that can only be claimed after paying an advance fee and/or handing over sensitive information.

How to protect yourself: Bear in mind that a real lottery will never ask for money up front, nor personal information over the phone. Always be at your most cautious when being asked for an up-front fee for anything.
Email Account Hack

Fraudsters gain access to email accounts, and then wait to intercept sensitive information and transactions.

How to protect yourself: Use hard-to-guess passwords for your money transfers, or sign up for INTERAC e-Transfer Autodeposit, which bypasses the need for passwords altogether. Never give out your email passwords to anyone, and change them regularly.
Phone Phishing Scam

This involves an attempt to trick a target into giving up sensitive information or money, scammers phone and pretend to be from a financial institution or government agency — for example, the Canada Revenue Agency.

How to protect yourself: Always remember that if you didn’t place the call, you don’t know for sure who you’re talking to. Under these circumstances, never give out sensitive information, including your name, birthdate or SIN.
“Work from Home” Ads

Often just a front, after responding to a job-posting ad scam, a target will typically be asked to send money in advance for training and work supplies — which will never be reimbursed, because the “job” is fake.

How to protect yourself: Beware of jobs that seem too easy to get, especially when involving “interviews” by phone, email or messaging apps. And as always, be wary of up-front fees.
Online Marketplace Scam

An online marketplace scam is when a fraudster lists something for sale on popular online marketplaces. This could be everyday goods or rare or hard-to-find items. The fraudulent seller will ask for payment in advance of the item and then never send it.

How to protect yourself: Sending money via Interac e-Transfer is like sending cash. Don’t send money to anyone you don’t know. Look at seller reviews and ask to meet in person before sending money to the seller.
Stay aware by checking the following sources of information about fraud:

Dean, if I send you an EMT to purchase something, and you accept it, I’m not getting it back of my own accord. It’s not happening.

[urban rednek]

E-transfers are foolproof? And safe? :sHa_sarcasticlol:

https://toronto.ctvnews.ca/ontario-woman-has-bank-account-frozen-after-accepting-1-750-e-transfer-for-necklace-1.5124056

https://www.cbc.ca/news/business/tangerine-transfers-lost-money-1.6050316

[elkhunter11]

So interestingly enough, both Chuck and Ken are right. EMT and Interac Funds transfer are the same thing. Interac provides the platform that almost all Canadian Banks use to effect EMT, including the Auto Deposit capability.

https://www.interac.ca/en/consumers/products/interac-e-transfer/enhanced-features/


If you accept an EMT via entering the password, or having auto deposit, 99.9% of the time it is not reversible. As long as you can see the money is actually in the account, either online, mobile app, or at the bank, then the money is yours. In .1% of cases, where fraud, taking someone's property or money by deceit, can be proven, AND the money is still available or has been frozen by the receiving bank you can get a EMT returned to you. In most fraud cases, this doesn't happen because the money is gone almost as soon as it is deposited. Then you have to sue the fraudster in civil court or prove the other bank knew their customer was involved in fraud, Given EMT is limited to 2,500 bucks neither of those routes is going to be worth the effort.

So just to be clear, the sender cannot under any circumstances have the EMT payment reversed without the agreement of both banks and having proven a criminal act.

From Interac's Site



How Interac e-Transfer security works

When you send money using Interac e-Transfer®, your money doesn’t actually travel by email or text message – just the notifications and deposit instructions. The receiving and sending bank or credit union transfer the funds to each other using established and secure banking procedures:

Authentication and transaction encryption
Financial institution authentication
Proprietary risk management

Interac e-Transfer users are protected by multiple layers of security, making the service one of the most secure money transfer services globally.

Your bank or credit union’s security measures include:

Encryption technology
Confidential user IDs and passwords
Secure login process
Security question and answer

Tips for usage: How to send money safely

We all have a role to play in keeping our financial activity secure:

Exercise caution when it comes to sending or receiving money.
Only send money to people you know and trust, just as you would cash. An Interac e-Transfer transaction cannot be reversed once a recipient has deposited the funds.
Always use a strong password that can’t easily be guessed or found – and make sure you share it via a safe channel.
Better yet: Suggest that your recipient set up Interac e-Transfer Autodeposit for ease and added security.

Tips on buying from an online ad

Take the same precautions you would with cash purchases. Be sure to read any guidelines or policies for protecting yourself as outlined by the site. Tips include but are not limited to:

Meet the seller face-to-face
Don’t include the answer to the security question in the question itself
If looking at leasing a rental unit, visit the unit before sending money
Don’t disclose the Interac e-Transfer reference number (starts with CA) to anyone, even if they ask
Use vigilance at all times – remember, once an Interac e-Transfer transaction is accepted by the recipient it can’t be reversed
Keep your email passwords safe and difficult to guess

Unexpected Interac e-Transfer notification?

If you receive an Interac e-Transfer text or email you weren’t expecting, confirm with the sender via another channel. If the email or text comes from someone you don’t know, or you suspect it to be fraudulent, don’t respond or click any links. Forward the email right away to phishing@interac.ca.
Fraud Prevention: Tips to protect yourself from payment scams

It’s important to arm yourself with confidence, awareness, and the right information to help protect yourself and others from digital fraud. Here are some tips to protect yourself from falling victim to online scams:
STOP: Take a moment to stop, think and follow your instincts

Whether it’s a money transfer you weren’t expecting, or an email asking for your personal information, or a charity you haven’t heard of pressuring you to make a donation, you should be on the alert.
SCRUTINIZE: Assess the situation and look for the telltale signs of a scam

Becoming aware of the techniques fraudsters frequently use could be your best defence. Make use of online resources including the Canadian Anti-Fraud Centre to stay up to date on scams and how to spot them.
SPEAK UP: Confirm the validity and report any concerns

If you suspect fraud, contact the sender of the communication through a different channel. If you’ve already provided sensitive information to a fraudster, you should immediately contact your bank or financial service provider through the number listed on their website or on the back of your payment card and report it to the Canadian Anti-Fraud Centre.
Common Scams
Government-Relief Funding Scam

Canadians out of work due to COVID-19 can apply for the Canadian Emergency Response Benefit (CERB). Criminals will try to take advantage of the time that you are waiting to receive your funds to get your personal information.

How to protect yourself:Beware of fraudulent text messages and emails related to government benefits. Do not click on any links if you receive a suspicious email. The only place to confirm receipt of funds is by visiting the Government of Canada website where you submitted your application. The Canadian Emergency Response Benefit (CERB) disbursements will only be made through cheque or direct deposit.
Romance Scam

When a fraudster poses as a romantic interest — either in real life or online — it’s called a “romance scam.” You may begin to suspect one is afoot when your new(ish) love interest asks for money for travel or to deal with an emergency. Eventually they disappear, and never repay any money owed.

How to protect yourself: Be very careful about lending money to anyone you haven’t known very long, even if you’ve become close.
Gift Card Scam

In a gift card scam, fraudsters steal a gift card, put an old one in its packaging, and then wait until it’s sold. Once the card packaging is scanned, the genuine card becomes active – the buyer is holding a decoy while the thief already has the one that actually works.

How to protect yourself: Look very closely at any gift cards you might buy, and avoid any that may have been tampered with. If you buy a gift card and it doesn’t work, report it to the merchant who sold it to you.
Rental Scam

In a rental scam, someone poses as a landlord and says they’re not available at the moment. (Or the scammer poses as an intermediary for an absent landlord.) Either way, they demand an apartment-seeker pay a deposit on an attractive-looking rental, often through a money transfer. The would-be tenant discovers there isn’t actually a rental – and the deposit is gone.

How to protect yourself: Avoid “landlords” who don’t want to meet in person. Never give money for a security deposit.
Fraudulent Vehicle Sale

A seller may request a deposit for a car that’s listed for online sale. When a would-be buyer gets in touch, the seller requests a deposit to hold the vehicle. Once the money has been sent, it turns out there’s no car and the seller vanishes — along with the deposit.

How to protect yourself: Be wary of sellers who won’t meet in person, and sellers who request deposits or sensitive personal information before a transaction.
Lottery Scam

The target is informed of a “lottery win” that can only be claimed after paying an advance fee and/or handing over sensitive information.

How to protect yourself: Bear in mind that a real lottery will never ask for money up front, nor personal information over the phone. Always be at your most cautious when being asked for an up-front fee for anything.
Email Account Hack

Fraudsters gain access to email accounts, and then wait to intercept sensitive information and transactions.

How to protect yourself: Use hard-to-guess passwords for your money transfers, or sign up for INTERAC e-Transfer Autodeposit, which bypasses the need for passwords altogether. Never give out your email passwords to anyone, and change them regularly.
Phone Phishing Scam

This involves an attempt to trick a target into giving up sensitive information or money, scammers phone and pretend to be from a financial institution or government agency — for example, the Canada Revenue Agency.

How to protect yourself: Always remember that if you didn’t place the call, you don’t know for sure who you’re talking to. Under these circumstances, never give out sensitive information, including your name, birthdate or SIN.
“Work from Home” Ads

Often just a front, after responding to a job-posting ad scam, a target will typically be asked to send money in advance for training and work supplies — which will never be reimbursed, because the “job” is fake.

How to protect yourself: Beware of jobs that seem too easy to get, especially when involving “interviews” by phone, email or messaging apps. And as always, be wary of up-front fees.
Online Marketplace Scam

An online marketplace scam is when a fraudster lists something for sale on popular online marketplaces. This could be everyday goods or rare or hard-to-find items. The fraudulent seller will ask for payment in advance of the item and then never send it.

How to protect yourself: Sending money via Interac e-Transfer is like sending cash. Don’t send money to anyone you don’t know. Look at seller reviews and ask to meet in person before sending money to the seller.
Stay aware by checking the following sources of information about fraud:

And when a criminal act has been proven, even if cash was paid in a face to face to face transaction, the money can be taken from the seller, and returned to the buyer or rightful owner of the money. So in reality, even cash in a face to face deal, is not really any safer. If a person hacked your account and sent an EMT to make a purchase, they could also have gone to an instant teller and removed cash to make the same purchase, using the information that they hacked. And whether cash or an EMT was used, if they spent the money, you may not get it back.

[Dean2]

Dean, if I send you an EMT to purchase something, and you accept it, I’m not getting it back of my own accord. It’s not happening.

Ageed, that is exactly what I said in my comment that Elk11 bolded in his reply, so we are both on the same page for sure.

[elkhunter11]

E-transfers are foolproof? And safe? :sHa_sarcasticlol:

https://toronto.ctvnews.ca/ontario-woman-has-bank-account-frozen-after-accepting-1-750-e-transfer-for-necklace-1.5124056

https://www.cbc.ca/news/business/tangerine-transfers-lost-money-1.6050316

And if you dealt face to face in cash,and it was later discovered by police that the person that paid you used stolen cash, you would be in the same situation.

[urban rednek]

And if you dealt face to face in cash,and it was later discovered by police that the person that paid you used stolen cash, you would be in the same situation.
No I wouldn't. :bad_boys_20:

ETA- unless they had clear video of a transaction...no they wouldn't.
Otherwise, they would undermine the entire monetary system.
When was the last time you heard of the authorities going after the people and businesses that sold stuff to known criminals? Doesn't happen.
When there is a record of a fraudulent transaction, like an E-transfer, that is a different story.

[elkhunter11]

No I wouldn't. :bad_boys_20:

If they caught the person that stole the money, and he told them he gave some of it to you to purchase something, they would be coming after that money, whether it was cash, or an EMT. They could seize your accounts, until they recovered the stolen money.

[Pathfinder76]

Ageed, that is exactly what I said in my comment that Elk11 bolded in his reply, so we are both on the same page for sure.

It is definitely a tidal wave in a tin cup scenario.

[CNP]

Is EMT safe for the seller?

Absolutely

[Ken07AOVette]

no point going further