Phone Scam

[farming101]

https://www.cbc.ca/news/canada/saskatoon/family-farm-port-out-scam-1.5443580 https://www.cbc.ca/news/canada/saskatoon/family-farm-port-out-scam-1.5443580

Not sure if this is the one you're thinking of

[jazz]

I am confused. If you called up and tried to switch your accounts to another bank on purpose, thats a hard process. The banks make it hard for a reason, they dont want you to switch. They would really quiz you and especially a couple hundred grand getting transfered.

I wonder if this is a bank thats not one of Canadas 5 majors. Sounds like a Tangerine or HSBC type move.

[jazz]

I keep only chump change in my daily accounts just enough for groceries and a coffee.

Any big sums in my business account get invested so to transfer those out, the scammers would have to first call the brokerage and get them to sell the stocks, then its a 3 day settlement to cash in the brokerage account and then a physical transfer request would have to be made. Lots of checks along the way.

CDIC insures deposits up to $100k I think.

[grassfarmer]

I am confused. If you called up and tried to switch your accounts to another bank on purpose, thats a hard process. The banks make it hard for a reason, they dont want you to switch. They would really quiz you and especially a couple hundred grand getting transfered.

I wonder if this is a bank thats not one of Canadas 5 majors. Sounds like a Tangerine or HSBC type move.

You seem easily confused, yet you post continually like you're an authority on everything. It was the phone accounts that got switched, not the bank accounts.

[sumdumguy]

Thanx 101. There were comments under the article this morning- now gone.

Can you trace accounts in foreign countries?

[sumdumguy]

Just yesterday I signed up for a cel phone for my aged mother to use with a pay for use card. I gave them the number, they activated and out I went. Phone works. Easy-peasy.

[Guest]

You seem easily confused, yet you post continually like you're an authority on everything. It was the phone accounts that got switched, not the bank accounts.

but how does it work ? i can't even transfer money between two banks i deal with ? there is a limit for daily transfers on etrans ? how could a bank not saw this happening ?

[Hamloc]

You seem easily confused, yet you post continually like you're an authority on everything. It was the phone accounts that got switched, not the bank accounts.

I guess I must be easily confused as well Grassfarmer, the first sentence in the CBC article: A family of Saskatchewan farmers is sounding the alarm bells after they had hundreds of thousands of dollars stolen from their family farm's "bank account" and they say they're not alone. So is that a bank account or a phone account?!?!

[jazz]

but how does it work ? i can't even transfer money between two banks i deal with ? there is a limit for daily transfers on etrans ? how could a bank not saw this happening ?

Inter account transfers are unlimited. You can transfer a couple hundred grand from your savings to chequing and the bank wont bat an eye. Interparty transfers in the same branch are capped. If you want to transfer a couple hundred grand to your wife at the same bank or another bank, you have to do that in $5-10k daily increments.

There is no link to transfer Canadian bank to Canadian bank except for a bank draft or cheque.

If you went to the teller window with the personal data and tried to take it as a draft or cash, you would be flagged in an instant. They would ask for photo ID.

Same as large sum wire transfers, they would flag a system check immediately.

This sounds fishy. Main banks don't f around.

[Guest]

thats what i can't understand ? , fishy is right?