All it takes is the snap of a photograph.
There is a new way to deposit your bi-weekly pay cheques, and all it takes is a cell phone and an app.
Tools, such as the TD Mobile Deposit, allow for users to deposit their paycheques in three easy steps.
Step one, login to the app, step two, take a photo of the front, and back of the completed cheque, and step three, check the details and submit.
Of course depending on how much the cheque is for will determine how much money is immediately at your fingertips.
This banking method is extremely convenient, however for business owners, it can be a scary thing.
The Edmonton Journal reported an incident involving this new technology in a story titled “highly touted cheque cashing technology used to defraud Edmonton businessman.” The article shared the story of Mark Browning, a business owner who nearly lost $14,000 due to inappropriate use of this technology.
According to the article, it wasn’t as easy getting the funds back as it was watching them disappear.
Should it be that easy to deposit cheques? Or should business owners take the more traditional route of direct deposit.
The push for this technology in Canada has been in the works since 2013, although it has been in the works in the U.S. since post 9/11.
Maybe the answer is a withdrawal confirmation that is sent to the business owner, consisting of a simple message in the form of an email using this technology, where he or she confirms the payment if it is used through this app.
This way, if the business owner does not confirm in good time, the employee can still take their cheque to the bank, and do things the good old-fashioned way.
As handy as this app is, it does pose a danger to small, or large businesses with the lack of security it has shown. Although the bank is stating this is a sole incident, it can still shake the tail feathers of any businesses owner who can relate to this incident.
So maybe a confirmation is the way to go, after all, I doubt the business owner is going to click yes twice.
