Interac’s e-Transfer has transformed the way many of us send and receive money. While there’s no denying the convenience of e-Transfers, there’s also a risk: interception fraud. Did you know in 2020, fraudsters managed to steal nearly 1,800 e-Transfers totaling almost $3 million in reported losses? This amount was 13% higher than what was stolen in 2019.
Interac has worked hard to ensure that e-Transfers are secure, but they are not entirely foolproof. The vulnerability actually lies in the innovative process Interac has developed for sending money without exposing any banking information. As long as the recipient has a Canadian bank account, the sender only needs their name, email address or mobile phone number and a security question for them to answer. Fraud occurs when cyber thieves (aka fraudsters, hackers, etc.) find a way to intercept the transfer. They do this by hacking an email and password. Then they reroute the funds to a different bank account.
While this type of cyber theft is both frustrating and worrisome, the safety of your financial information, data, and activity is our number one priority at Rapport. We show this commitment by using secure tools and sophisticated technologies to protect your banking transactions from fraudsters. However, you have a pivotal role to play as well and it’s important to understand your responsibilities when sending and receiving e-Transfers. Following the steps below will help safeguard your accounts from fraudulent activity.
- Only send e-Transfers to people and businesses you know. Transactions can’t be reversed once a recipient has deposited the funds.
- Create strong security questions, avoiding common words and passwords that could be easy to guess and preferably choose a challenging question that only your recipient would know how to answer correctly.
- If a transfer comes from someone you don’t know, or you know you’re not owed any money, or just seems out of the ordinary, never reply or click on any links.
- Always use a secure internet connection to make yourself less susceptible to hackers.
- Sign up for auto deposit to block fraudsters from hacking your e-Transfers. With auto deposit, transactions sent to your email address are automatically deposited into your account, and fraudsters can’t intercept the transfer.
- If someone or a business you know is sending you money, but you’re not sure why contact them through another channel to confirm that the transfer is legitimate.
- Keep your email passwords safe and difficult to guess. Gaining access to your email account gives fraudsters the best opportunity to access your e-Transfers.
Adopting these simple precautions will allow you to enjoy all of the benefits of e-Transfers safely. If you suspect fraudulent activity with any of your e-Transfers, contact Rapport immediately. We will investigate the matter and do all that we can to advocate on your behalf.