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Yes it was in house. I agree there is nothing dangerous about that, but how about a withdawal from iTrade to chequing?

I would like to know about those. Do you recall if iTrade sends a notification upon withdrawal from iTrade, to your linked chequing account?
No, they don't and I don't need that either. I have withdrawal transfers every month to Scotia chequing. However, I have many alerts set up in Scotia chequing, so even if there is a nefarious transfer to chequing, it isn't leaving chequing without an alert.
 

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Discussion Starter · #22 ·
You've figured out much more about Scotia's system than I have! I didn't realize Scotia had alerts available on chequing as well.

Time for me to go discover those and add some alerts. Any tips or guidance on what worked well for you? My priority here is watching for theft and fraud.

I can imagine that the chequing account could be used as a conduit for stealing money out of the brokerage.
 

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There is a long list of them at "Scotia InfoAlerts" Tailor them for your lifestyle. I have all the Safeguard ones engaged...but few of the Transaction ones. No Balance ones are engaged. It is a question of how much text or email notifications you are prepared to put up with.
 

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Discussion Starter · #24 ·
There is a long list of them at "Scotia InfoAlerts" Tailor them for your lifestyle. I have all the Safeguard ones engaged...but few of the Transaction ones. No Balance ones are engaged. It is a question of how much text or email notifications you are prepared to put up with.
I don't think this is working properly. I set an alert for account balance on chequing falling below a threshold. Today (afternoon) I transferred some money out to test it and the balance is now below the threshold. There was no alert sent by email. Not in spam either. Maybe it will come at some point in the future, after a day?

However I do see it send email alerts when I change the settings, so emails are getting through. I just really expected an alert when the balance dropped.

If it arrives on a daily basis that would still be OK, I'll wait and report back.
 

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I suspect certain actions may not be immediate, not like alerts on credit card, debit/ATM, or e-transfer transactions, all of which I get within minutes typically. It may take hours or overnight for a below minimum account balance to show because there could be deposits that erase that minimum that same business day (may work on end-of-day balances only). Worthy of a Secure Messsage to find out why though.
 

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Discussion Starter · #26 ·
I did not end up getting any alert on this balance crossing below the threshold. At first glance it looks like a failure of their system to notify me as expected.

Today I phoned Scotia and the agent said that when the settings are changed online (including threshold amounts) they may not take effect until midnight. So maybe the timing was off.

I am doing a new test and recording exact details and time log. Today I set a new threshold to alert me of balance dropping below a level. Currently my balance is above. I am going to give their system time over the weekend to absorb this new instructions. Next week, I will reduce the balance below the new threshold. This should hopefully send me an email alert.
 

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Discussion Starter · #28 ·
I did a careful experiment, logging the starting balance, the time I set the Scotia alert, and when the balance crossed below the threshold.

24 hours after that happening, I have not receive an alert. I got in touch with Scotia and the rep thinks this is a malfunction -- he says I should have received an alert by now. The rep is going to follow up with me after another 24 hours to see if an alert comes through with delay.

I'm curious to see what happens with the Scotia alerts but what I'm seeing so far is not very encouraging.
 

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Two factor authentication and the fact that the only way to withdraw money from my investment account is into my bank account.
Do you mean SMS codes? (2 step vs 2FA) SMS is not considered a true form of authentication. If you have ever ported a number to another provider you know how easy it is to hijack an SMS account

Given access to your email and sms one could also easily update your banking information. Even if they require some scribbles.. a signature is only useful long after the fact (who compares signatures during a transaction etc)

However given that financial transfers are traceable they wouldn't transfer to a bank. I've heard of sketchy trade manipulation to get the funds out. Using something with low volume I suppose
 

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Do you mean SMS codes? (2 step vs 2FA) SMS is not considered a true form of authentication. If you have ever ported a number to another provider you know how easy it is to hijack an SMS account

Given access to your email and sms one could also easily update your banking information. Even if they require some scribbles.. a signature is only useful long after the fact (who compares signatures during a transaction etc)

However given that financial transfers are traceable they wouldn't transfer to a bank. I've heard of sketchy trade manipulation to get the funds out. Using something with low volume I suppose
Lots of people port cell phone numbers to hack accounts.
It's one of the easiest ways to steal a cell phone number, SMS 2FA is a bad idea.
 

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I did a careful experiment, logging the starting balance, the time I set the Scotia alert, and when the balance crossed below the threshold.

24 hours after that happening, I have not receive an alert. I got in touch with Scotia and the rep thinks this is a malfunction -- he says I should have received an alert by now. The rep is going to follow up with me after another 24 hours to see if an alert comes through with delay.

I'm curious to see what happens with the Scotia alerts but what I'm seeing so far is not very encouraging.
Very interesting, you'd think these features would be fully tested.
 

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Discussion Starter · #33 · (Edited)
Very interesting, you'd think these features would be fully tested.
Still no Scotia alert today. This is now well over 24 hours since the balance fell below the threshold.

The safety feature is useless and appears to give a false sense of security. I'm keeping records of this and plan to file paperwork with Scotia (as well as TD, who also has a bug in their system). My plan is to file written documentation of their failures to provide functional security measures, to get ahead of the problem in case I ever have a legal dispute with them over theft.

I plan to point out, with this evidence, that the banks (Scotia and TD for example) are not providing sufficient tools for security measures and are failing in their duty ... their side of our joint responsibility ... to keep the account safe, despite my best efforts to keep it safe.

In my eyes, this increases the bank's liability in case of fraud or theft. The bank will try to say that the customer failed in their duties.

Now I have evidence the banks are failing in their duties. Let's say that I was a responsible customer trying to use all the tools available to me to protect my account. Then some fraud slips through unnoticed, because I was relying on Scotia's feature.
 

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Discussion Starter · #34 · (Edited)
Does anyone know what the best avenue would be for providing written (paper documentation) notifications to Scotia and TD Direct Investing, keeping in mind I may reference this in case of a future legal dispute?

Ombudsman? Compliance department? I would be mailing paper documentation.

I am, of course, using their online tools and phone to report the problems but I want to send them solid written documentation that can be used in case of a legal dispute. Their phone reps don't really care about my bug reports at all and the Scotia 'secure message' system sends me back generic responses with no indication they will fix the problems.

After I mail my documents I will be share with people here the details in case you are also customers of Scotia and TD Direct Investing. I don't know if the bugs I'm experiencing affect everyone else and can't speak for others, but I will be reporting the malfunctions that I am seeing.
 

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Lots of people port cell phone numbers to hack accounts.
It's one of the easiest ways to steal a cell phone number, SMS 2FA is a bad idea.
The banks are calling it "2 step verification" They know it's not true 2FA

My german bank and Interactive Brokers account required true 2FA a decade ago. IB used a simple card with verification codes.. probably costs pennies to implement. It means someone would need to see the physical card which is much harder to do from cyberspace than port a mobile number

No Cdn bank I know of has ever even offered a true 2FA
 

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Does anyone know what the best avenue would be for providing written (paper documentation) notifications to Scotia and TD Direct Investing, keeping in mind I may reference this in case of a future legal dispute?
Honestly I'd just email them and list the problems here.

What do you think you'll get out of snail mailing them?
 

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I would put all your hard copy proof into a Registered letter to their chief of security with a copy to the CEO.

When they don't respond, you will have to find someone who,has suffered actual losses and take their case to,the Obudsman!
 

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Does anyone know what the best avenue would be for providing written (paper documentation) notifications to Scotia and TD Direct Investing, keeping in mind I may reference this in case of a future legal dispute?

Ombudsman? Compliance department? I would be mailing paper documentation.

I am, of course, using their online tools and phone to report the problems but I want to send them solid written documentation that can be used in case of a legal dispute. Their phone reps don't really care about my bug reports at all and the Scotia 'secure message' system sends me back generic responses with no indication they will fix the problems.

After I mail my documents I will be share with people here the details in case you are also customers of Scotia and TD Direct Investing. I don't know if the bugs I'm experiencing affect everyone else and can't speak for others, but I will be reporting the malfunctions that I am seeing.
Wealth Management & Direct Investing Services

(Includes TD Wealth and TD Direct Investing)
Fax: 1-877-725-9525
Email: [email protected]
Mail: Client Complaint Resolution Team,
P.O. Box 5999, Station F, Toronto, ON, M4Y 2T1

If you’re not satisfied with their response, then go here:
Email: [email protected]
Mail: Attn: Office of the Ombudsman P.O. Box 1, Toronto-Dominion Centre, Toronto, ON M5K 1A2

Don’t start with the ombudsman, they’ll just kick it back to you and tell you to go back a step in their process.
 
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