: How does this Interac e-transfer scam work? I posted a Craigslist ad for selling iPhone 7. Next day I got a text asking of Is this item still available... [NAME OF MY AD EXACTLY AS IT'S SPELLED] . So I already was

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How does this Interac e-transfer scam work?
I posted a Craigslist ad for selling iPhone 7. Next day I got a text asking of

Is this item still available... [NAME OF MY AD EXACTLY AS IT'S
SPELLED]

.

So I already was suspicious it's a bot.

Then I replied, yes, it's available.

Next thing I get a text

Ok, then I will pay you [EXACT AMOUNT] and 0 for shipping it to my
destination(Miami at least by the phone number). You accept
e-transfer, right? So, I will send the payment now.

It's clearly a scam, but how does this work? Are they going to send the payment, but will tell me they will send me the password to receive it once they get the shipment of the phone? And never really give it to me? Just wondering what else can it be?

Edit: This question is not a duplicate because it is specific to how Interac e-transfer works. There is no other questions I was able to find that discuss this.

More details:
When I send money via e-transfer here is how it works:

I send some sum of money from my bank to persons email. When I do this, I also specify a codeword that I would later tell to the recipient so they could claim money I sent.
They receive an email stating they got money from me.
They claim the money via the link in the email and they have to use codeword I would tell them via some other way(not email or separate email letter).
While still unclaimed, money can be still recalled by the sender.
Can not be claimed and will go back to sender if recipient doesn't know codeword.

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