When someone steals your credit card information and uses it to buy or order things, you almost always get your money back. It's one of the reasons people trust credit cards, and policies have been in place for decades. But now a new form of payment is on the rise — the e-Transfer — and with it money can be sent between accounts in seconds.
The kicker? There are none of the policies that credit cards have in place with e-Transfers. If some can gain access to your account, or convince you to send them money ... that money is gone. And this opens up a whole new can of worms for people figuring out finance policy, as well as a new world of opportunity for scammers. So what are we going to do about it?
GUEST: Alex Vronces, executive director of Paytechs of Canada, an industry association of technology companies that move money. He blogs at https://themox.substack.com.