razz
4-2-18, 7:23am
Is this a Canadian issue or is it worldwide? Deposit a cheque via smart phone and then deposit it again at an ATM? Double dipping?
i was made aware of the smart phone app that lets one deposit an image in one's bank account but this risk of double deposit is new to me.
http://www.cbc.ca/news/business/duplicate-deposits-mobile-chequing-banks-1.4584304
"The apps themselves aren't the problem, according to banking security expert Wisniewski, a research scientist at the cyber security company Sophos. Instead, the issue is old banking methods that aren't working well with new technologies.
"Well, we're kind of using 19th-century technology colliding with our smartphones, and it's just complicated," he said.
He said double presentment is most difficult to catch when the same cheque is deposited once using the app and again using the physical cheque through an ATM or with a teller.
"By doing one electronic and one paper, that can throw their systems off and make it much more difficult to detect, or doing it at multiple financial institutions can also break those detection algorithms. So that's usually what we're seeing when it's successful," said Wisniewski."
The article also mentions avoiding cheques by paying via email.
"His advice is don't rely on the banks' systems to detect it, because "they're not being terribly aggressive about it." And stop using paper cheques. Instead, use email for direct transfers even for small amounts.
I am treasurer for a small non-profit organization and use cheques. How does one pay using email? I pay my personal expenses with online banking. But, as a treasurer, how would one pay a landscaper for snow removal or donate to other non-profit groups via email?
i was made aware of the smart phone app that lets one deposit an image in one's bank account but this risk of double deposit is new to me.
http://www.cbc.ca/news/business/duplicate-deposits-mobile-chequing-banks-1.4584304
"The apps themselves aren't the problem, according to banking security expert Wisniewski, a research scientist at the cyber security company Sophos. Instead, the issue is old banking methods that aren't working well with new technologies.
"Well, we're kind of using 19th-century technology colliding with our smartphones, and it's just complicated," he said.
He said double presentment is most difficult to catch when the same cheque is deposited once using the app and again using the physical cheque through an ATM or with a teller.
"By doing one electronic and one paper, that can throw their systems off and make it much more difficult to detect, or doing it at multiple financial institutions can also break those detection algorithms. So that's usually what we're seeing when it's successful," said Wisniewski."
The article also mentions avoiding cheques by paying via email.
"His advice is don't rely on the banks' systems to detect it, because "they're not being terribly aggressive about it." And stop using paper cheques. Instead, use email for direct transfers even for small amounts.
I am treasurer for a small non-profit organization and use cheques. How does one pay using email? I pay my personal expenses with online banking. But, as a treasurer, how would one pay a landscaper for snow removal or donate to other non-profit groups via email?