A vast system of fraud detection and limits on what can be done to accounts, especially on a mobile app.
If you try and move large amounts of money via your mobile banking app you won’t get very far before you have to show up in person at a branch.
If you try and move large amounts of money via your mobile banking app you won’t get very far before you have to show up in person at a branch.
My bank requires in-person to send a wire transfer, meaning in person identification at a bank branch with photo ID and PIN.
You can only transfer money on the app within your own accounts or to payees that are in the system (e.g your utility company, insurance company, etc.) or by using interac e-transfers with a limit of ~$1500.
Even if you’re trying to pay your taxes to the Canada Revenue Agency the bill payment system has a limit that I have hit. You can bet that a review process is triggered when that happens as well.
Any deposit of >$10000 from a wire transfer usually triggers a phone call as well where someone will politely ask you if you were expecting the transfer.