Originally Posted by Aquamarine
there has been a LOT of fraud that has been revolving around EMT's due to their insecurity. Fun times for all.
Factually incorrect, although I wouldn't blame you for thinking so.
The EMT process is quite secure. The problem is that you can send money via online banking. Online banking itself is also secure. The weakness is in connect id's (username, bank card number, for example) and passwords.
Keyloggers and phishing attempts are out there en masse. All a fraudster needs is your connect id and password to log on to your online banking, set up a payee and commit bill payment fraud or send EMT's from your account.
Also, of the 5 major banks in Canada, (RBC, TD, Scotia, CIBC, and BMO) ALL support EMT. HSBC is not a Canadian bank, and many other credit unions and things like PC Financial aren't banks at all as far as the Canadian Banker's Association is considered.
Interac Online, formerly known as Certapay, is a Canadian company run collectively by the CBA partner banks. Anyone can pay to get on the system, but in order to process EMT's you must be a Canadian Chartered Bank. I believe HSBC is chartered, but they just don't feel like paying the money to establish an EMT presence because most of their business is outside of Canada and it wouldn't be a great ROI opportunity given the relatively small presence in Canada.