Canadian Interac e-Transfer safe?

[01BTC10]

Anyone has experience with this system? Is it chargeback proof?

How can I protect myself from hackers doing fraudulent transfer?

[1714832500]

1714832500

[1714832500]

1714832500

[1714832500]

1714832500

[JordanL]

I use the system regularly, but sorry, I don't know if it is reverse proof. Never heard of it happening, but I would find out before I did a large trade with a source I didn't trust. Maybe you could call Interac and nail down their terms... and then share that info here, of course!

I've sold BTC for interac email transfers a bunch of times through cavirtex.com and canadabitcoins.com, both great companies, would recommend them both to anyone.

[01BTC10]

http://www.interac.ca/index.php/en/security

Interac Zero Liability Policy

The Interac Zero Liability protects you when using Interac debit services*. You will not be liable for losses resulting from unauthorized transactions. See your financial institution for details.

* Interac Debit, Interac Flash, Interac Cash, Interac Online and Cross-Border Debit


In addition, merchants who offer the Interac Online service must comply with the Canadian Code of Practice for Consumer Protection in Electronic Commerce, endorsed by federal, provincial and territorial ministers responsible for consumer affairs in 2004.  It establishes benchmarks for good business practice for merchants engaged in commercial activities with consumers in the online world.

I have more research to do because I doubt that merchant has no liability... I will try to call my bank next week.

[bitsource]

I believe that once you accept the Interac transfer and the funds are in your account, there can be no chargeback. My suggestion is to complete the transfer before sending the order. As the sender - you can cancel the e-mail transfer until accepted by the receiving end.

[01BTC10]

I found this on https://en.bitcoin.it/wiki/Payment_methods

A funds transfer service between personal and business accounts at participating
Canadian financial institutions. In cases of identity theft the transfer may be reversed, especially if both parties are with the same financial institution[4].

Anyway, I will contact my bank this week for more information.

[SAC]

I found this on https://en.bitcoin.it/wiki/Payment_methods

A funds transfer service between personal and business accounts at participating
Canadian financial institutions. In cases of identity theft the transfer may be reversed, especially if both parties are with the same financial institution[4].

Anyway, I will contact my bank this week for more information.

Or you could go to the cavertix website and read their reason for not taking them anymore. That being the high rate of charge back scams with them.

[01BTC10]

I found this on https://en.bitcoin.it/wiki/Payment_methods

A funds transfer service between personal and business accounts at participating
Canadian financial institutions. In cases of identity theft the transfer may be reversed, especially if both parties are with the same financial institution[4].

Anyway, I will contact my bank this week for more information.

Or you could go to the cavertix website and read their reason for not taking them anymore. That being the high rate of charge back scams with them.

Thanks this is exactly what I was looking for.

Can I send you an e-Interac e-mail money transfer?

No, but we do send e-Interac e-mail money transfers out to you if you want to withdraw Canadian funds. You do not have to be verified to 'cash-out' with this method. E-mail money transfers ARE reversible but since we are the trusted party we will never reverse one once we send to you. We warn you that accepting EMT's for private sales can be reversed and should not be considered secured funds if you do not know the sender.

https://www.cavirtex.com/faq#sendemt

[Ferroh]

I believe that once you accept the Interac transfer and the funds are in your account, there can be no chargeback.

That is incorrect.

Interac e-Transfer is reversible. This is why canadianbitcoins and cavirtex both stopped receiving funds this way.

[bitdigger2013]

It would seem though that they give misleading information on interac website:

Quoted from interac.ca website:

Always be careful when sending money

An Interac e-Transfer transaction cannot be reversed once the recipient of the funds has deposited the transfer. You must obtain a refund directly from the recipient. You can ask the recipient to send you an Interac e-Transfer for the refund amount.

http://www.interac.ca/en/interac-etransfer/etransfer-detail

If CaVirtex does not accept these transactions only makes sense that they are reversible yet Interac website says they are not.

[JordanL]

It would seem though that they give misleading information on interac website:

Quoted from interac.ca website:

Always be careful when sending money

An Interac e-Transfer transaction cannot be reversed once the recipient of the funds has deposited the transfer. You must obtain a refund directly from the recipient. You can ask the recipient to send you an Interac e-Transfer for the refund amount.

http://www.interac.ca/en/interac-etransfer/etransfer-detail

If CaVirtex does not accept these transactions only makes sense that they are reversible yet Interac website says they are not.

I would guess they are not talking about fraudulent transfers. They are saying there is no way for you to reverse a payment you've sent after it has been deposited. I assume that if you receive a transfer from a stolen account they would/could reverse it.

[bitdigger2013]

It would seem though that they give misleading information on interac website:

Quoted from interac.ca website:

Always be careful when sending money

An Interac e-Transfer transaction cannot be reversed once the recipient of the funds has deposited the transfer. You must obtain a refund directly from the recipient. You can ask the recipient to send you an Interac e-Transfer for the refund amount.

http://www.interac.ca/en/interac-etransfer/etransfer-detail

If CaVirtex does not accept these transactions only makes sense that they are reversible yet Interac website says they are not.

I would guess they are not talking about fraudulent transfers. They are saying there is no way for you to reverse a payment you've sent after it has been deposited. I assume that if you receive a transfer from a stolen account they would/could reverse it.

Yes that makes sense. Thanks for pointing that out.

[Namworld]

It definitly isn't: https://bitcointalk.org/index.php?topic=296300