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Did you know?
In 2018, approximately 371 million Interac e-Transfer transactions worth more than $132 billion were made in Canada.1
Interac e-Transfer interception fraud
e-Transfer interception fraud occurs when money is being sent via Interac e-Transfer from one bank account to another using an email address or phone number. Fraudsters will intercept the online transaction and divert the money to a different bank account.
How to protect yourself
Fraudsters are able to intercept e-Transfers by gaining access to the recipient’s email account and guessing or getting the security question answer. Whether you’re the sender or recipient of an e-Transfer, everyone is responsible for playing their part in preventing fraud.
What you should and shouldn’t do as the sender
Don’t:
- Include the answer in your security question
- Share the answer to your security question via email, text or on social media
- Reuse the same security question and answer for multiple recipients
Do:
- Create a unique security question that only you and the recipient will know
- Only share the answer to your security question with the recipient over a secure method of communication, such as over the phone
What you should and shouldn’t do as the recipient
Don't:
- Create weak account passwords that anyone can easily guess
- Share your passwords with anyone or use the same password for all your accounts
- Suggest multiple senders use the same security question and answer
Do:
- Register for Interac e-Transfer Autodeposit to have money automatically deposited without answering a security question
- Create strong and unique passwords to protect your accounts, including your email and social media accounts