Interac e-Tranfer Fraud®

Interac e-Transfer® is a quick, easy, secure way to send, receive and request money when you know the proper security measures to follow.

Fraudsters are coming up with new, more elaborate ways to scam you for your hard-earned money almost daily;  and one of newest ways being used to scam unsuspecting individuals is through Intercepted e-Transfer.

What is an Intercepted e-Transfer?

An intercepted e-Transfer occurs when the money you send, or were to receive, gets seized and deposited into a fraudsters account, before you or the intended recipient has a chance to receive it.

 The intercept is not caused by lack of security measures or vulnerability with Interac e-Transfer®, your credit union or bank, but rather is a result of the intended recipient’s email account being hacked.

Once a fraudster has access to the recipient’s email account, they are able to view the notifications from Interac and use the deposit link to redirect fund to their fraudulent account by answering the security question which many people often provide within the message of their e-Transfer® or by email to the recipient.

To protect yourself again this type of fraud, here are a few tips to consider:

  • Do not communicate the answer of the security question to the intended recipient via email. Call and/or text the recipient the answer.
  • Select a question and answer that is not easy for a third party to guess.
  • Register for Autodeposit.
  • Be cautious. Don’t open emails or click on links that seem suspicious.
  • Notify your financial institution immediately if you sense anything fraudulent about a transaction.
To learn more about how you can protect yourself again Interac e-Transfer® fraud visit interac.ca.
 

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