Your Financial Information is Safe and SecurePosted: May 23, 2019
In 2018, more than 371 million Interac electronic funds transfers were sent in Canada worth a total of $132 billion. Even if you don’t live in the Great White North, you’re likely familiar with Interac’s services. They enable you to send money to friends, family members and associates directly from your bank account. With a few clicks of your mouse and your recipient’s email address, funds can conveniently be awaiting collection right in their inbox. All that is required is a password created by you to accept the transfer. It may come as a surprise that despite being password protected, these transfers can become easily compromised.
According to cybersecurity expert Claudiu Popa, transferring money by email is much more risky than most people realize. Financial institutions have sacrificed security in an effort to get a high number of people to use their services. This has resulted in skyrocketing rates of misappropriated electronic funds transfers. If your email account becomes compromised in a data breach, fraudsters can gain access to your information and use your messaging service’s server to intercept your transferred funds and deposit them into their own private bank accounts.
Worse still, financial institutions and Interac will do little to help you retrieve your lost funds, citing often difficult to find agreements that stipulate the conditions of using their services. If the bank deems your password and security question to be easily guessed or obtained by others, any loses you incur through theft will not be reimbursed. Instead, it becomes your responsibility to protect your email and passwords so as to not fall victim to cybercrime.
We Will Never Compromise Your Security
At SolidTrust Pay, your security is our top priority. Our corporate grade anti-virus and firewall protection is continuously monitored by our network of global security personnel. We are PCI compliant and use 256-bit SSL certificates to keep your personal information safe and secure. Despite the strength of our security infrastructure, if your account does become compromised, our recovery services ensure that you will be compensated for the full amount lost regardless of the strength of your passwords.
Unlike other e-wallet providers and payment processors, we have instituted a dual password system to better safeguard your personal and financial information. We require that all passwords be updated every 3 months and they must adhere to strict parameters. When creating a password, it must possess an uppercase and lowercase letter, a number, a symbol and be at least 6 characters in length. These requirements are the same for secondary passwords.
All SolidTrust Pay transactions require a secondary password, a TrustCard code or a Two-Factor Authentication (2FA) text message as an added security measure. Your secondary password cannot be reset or retrieved via email. This is to prevent an unauthorized person from resetting both the primary and secondary passwords linked to your account.
By requiring a secondary password for all payments and transfers sent from your e-wallet, we adopted Two-Factor Authentication (2FA) security protocols before they became best practice. We are continually striving to remain one step ahead of cybercriminals and cyberthreats, a mandate that guides our Corporate Philosophy.
When you choose SolidTrust Pay for your payment processing needs, you’re getting far more than a convenient and secure e-wallet – you’ll enjoy complete peace of mind knowing that your personal and financial information is securely stored, encrypted and only accessible by you.