Shakepay New Feature could be a Risk. DYOR.

I’ve recently started using a great service called Shakepay to purchase crypto from Canada. So far, I have loved the service for the following reasons:

  1. Free deposits for interac e-transfers.
  2. Free withdrawals.
  3. Low premium when buying BTC or ETH, which I guess is how they profit.

Recently, the company announced a new service that allows a user to connect their debit/credit card to Shakepay and automatically buy Crypto by rounding up purchases.

Here is a screenshot from the site:

Screenshot from Shakepay website, 2018-12-14

This is genius! but…

Risks involved

It seems like few companies throughout the last few years have come up with services that could simplify our lives by simply connecting to a credit or debit card.

The problem with connecting your debit card or credit card to a service is that you automatically forfeit any insurance you have with the bank providers on your balance.

Think of it this way, someone steals you debit card and they somehow know your pin. You report the card stolen, and after investigations, the bank reimburses your account and everything is great.

Now, if the bank finds that you have connected your card to a third-party, they could simply wash their hands of your situation, claiming that you broke their insurance requirements.

In a nutshell, while the idea of buying crypto sounds amazing! Cover your basis by contacting your bank and getting an explicit “OK” to connect Shakepay to your account.

Shakepay was not immediately available to comment on this risk. I’ll update this post with their answer if I receive it.

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Mohamad El Hout, MBA, M.Eng., CISSP

Mohamad is an entrepreneur and a Senior Security Consultant dealing with the design and delivery of standard and complex security gateway solutions, covering a wide range of cutting edge technologies. His interests include business, technology, leadership, sports, and the continuous pursuit of knowledge.

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