Cheque's in the email

Tech tips -

Email Money Transfers have been around for several years and offered by all the major banks in Canada, but not many people seem to know about the service.

Basically, this is how it works. Say one of your kids who lives and works in Alberta needs some extra cash. This is her first year living on her own and she has run a little short this month. Wouldn't it be real easy for you if you could just email her the cash? Well, with Email Money Transfers (EMTs) you can.

Log onto your online banking account and click the transfer option then click Email Money Transfer. It is a simple page where you would enter your kid's email address, the amount of money you want to send and what account you want it withdrawn from. Next, you create a security question that your kid will need to answer correctly to claim the money. The security question should be something that just you and your kid will know the answer to.

Now, when you hit commit or complete or similar depending on your bank, your kid gets an email from the transaction telling her to click the link in the email to receive her money. Basically the email link directs her to another website where she would choose the bank she deals with and then she would log onto her own online banking account.

After correctly answering the security question, she gets instant access to the cash. After she accepts the money, you can't get it back via the bank. If you realize you have made a mistake, then you must ask the recipient to return the money (just as if you had handed over real cash to someone). You will be required to pay a "small" fee for each email money transfer you send.

This is a fast and convenient way to send money. It works easiest if both sender and recipient already have an online banking account although the money can be received in other ways. The bank websites have online tutorials that you can watch if you require more assistance getting started.

Like I said, fast and convenient, but here are a couple of things you should watch out for.

First, I can see how this service can become a victim of phishing and pharming scams. You know how much junk mail you get, and I am constantly telling people not to click on any links in those emails, now here are the banks sending you emails asking you to click the link to continue and receive your money. This kind of goes against every fiber of my being! So don't be fooled. If you are not expecting an EMT from someone please don't open ones that randomly appear in your inbox. Call your friend or family member first before opening. Make sure they did actually send you this cash.

Second, don't accept a job offer from an overseas company asking you to accept EMT payments then transfer the funds to a foreign address, (keeping a portion of the transfer for yourself). This is a well known Employment Recruiting Scam that you can read about on the Ontario Provincial Police website at www.opp.ca/Organization/InvestigationsOrganizedCrime/opp_000541.html . This job offer could just be a front leading to you being arrested for being a "mule" used for transferring stolen funds outside Canada. If it sounds too good to be true, it is!

toddmusseau@gmail.com