Welcome to the next generation of fraud

By The Big Story

The growing popularity of ‘e-Transfer’, has given rise to a variety of clever schemes employed by scammers to swindle Canadians out of their hard-earned cash. The emergence of newer and faster account-to-account transaction services, along with a lack of consumer protections, is only likely to make matters worse.

Alex Vronces is the executive director of Paytechs of Canada, and a blogger at The Mox. He joined us to discuss the fraud mitigation strategies that have been effective in the credit card industry, and why similar consumer safeguards may also be necessary for direct payment services

“You can think of the changes happening in Canada’s payments ecosystem as one’s that give criminals a sort of abetting payments infrastructure,” he said, “the solution is to make sure that you build in proper consumer protections,” he said.

As it stands, if someone can gain access to your account, or convince you to send them money, that money is likely gone forever. How do we change the system to make sure people are better protected?

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