Bank Wire Security/Safety Question

[Mr Wolf]

Let's say you give out your a/c#, swift code etc. to a site in order for them to send you your funds via bank wire.

Can they turn around and use this info to make unauthorized withdrawals from your bank account?

I was told it was safe but I would like to have someone familiar with bank wires confirm or deny this. This is in Canada (if it matters).

Thanks [img]/images/graemlins/spade.gif[/img]

[wolfie_cr]

they cant take money out. wire transfers have existed for a long time and the wire instructions are not considered secret, if you put wire instructions you are likely to find the wire instructions to many companies in the World

this is like giving you the address of my house, you can show up and leave me an envelope with money but you wont be able to come in and take stuff out

[Minn_pokerplyr]

[ QUOTE ]
they cant take money out. wire transfers have existed for a long time and the wire instructions are not considered secret, if you put wire instructions you are likely to find the wire instructions to many companies in the World

this is like giving you the address of my house, you can show up and leave me an envelope with money but you wont be able to come in and take stuff out

[/ QUOTE ]

That is not necessarily true. With your account and routing numbers a thief cold withdraw money via eft.

[ILuvRiver]

[ QUOTE ]
they cant take money out. wire transfers have existed for a long time and the wire instructions are not considered secret, if you put wire instructions you are likely to find the wire instructions to many companies in the World

this is like giving you the address of my house, you can show up and leave me an envelope with money but you wont be able to come in and take stuff out

[/ QUOTE ]

Give me your address and lets see about that. lol

Good point though, they cant do anything with the info you give them, and more to the point why would they want to. It would be fairly easy to prove, the site would be VERY publicly discredited and all for the $2.43 you have in your account.

[Mr Wolf]

So it sounds like it is possible if the site is shady enough but otherwise no. Their customer support has been crap and no one from here seems to play there but the site is owned by a huge company so I'm guessing they wouldn't want to commit outright fraud. At least I hope not.

$2.43...lol

[wolfie_cr]

well if this thief has a way to get EFTs then probably yes, it would be the same way with a thief that has access to a merchant account to clear credit cards EXCEPT that in the case of EFTs you would need a physical/commercial presence in the US to do the EFT

in the credit card case as well all know its a world system, EFTs are not a worldwide system

so it would be easy for a thief that has access to this info to get the cash via credit card theft than via EFT and well

we all know how the gaming sites are doing these days getting EFTs out of accounts in the US [img]/images/graemlins/frown.gif[/img] (They cant even if you want them to)

btw isnt the account number printed in your checks? I ask because I am from Costa Rica and I seem to vaguely remember that a blank check has ALL THE INFO we are talking about here.....so if you would hand a check to anyone 'potentially' a thief could do the same by merely getting a payment from you

[TheMetetron]

For EFTs yes. For bank wires, no. Bank wires have to be initiated at the bank or via phone to that bank.