Watch out for ongoing Interac e-Transfer® scams

We’ve seen a rise in fraud attempts related to Interac e-Transfer services.

Online banking and e-Transfers have become a convenient way to send money. While convenient, this technology has also created new scams that target individuals looking to purchase items on Facebook marketplace, Kijiji, Craigslist, and many more online selling platforms.

What do these scams look like?

In online selling scams, the victim receives an email which appears to be an Interac e-Transfer from someone who is buying their item on a marketplace platform. At first glance it looks legitimate, but once the link is clicked and the banking credentials are entered, the scammers are able to steal the banking login information, and the account is compromised.

What should I watch for?

• If you are not expecting any funds, don’t click on links!.
• Check the email closely. Even though it may be personally addressed, it doesn’t mean it’s legitimate. Again, if you aren’t expecting it, don’t click it.
• Be conscious about what you share online, including personal, identifiable information that hackers can use to access your accounts.
• “Buyers” who offer a significant amount less than what your product is worth.

What do we recommend?

• Use Interac e-Transfer Autodeposit. If you have Autodeposit set up, Interac e-Transfer transactions sent to your email address will automatically be deposited into your bank account. Autodeposit is the secure way to accept Interac e-Transfer.
• Create strong passwords that have a mix of characters, upper and lowercase letters, and numbers.
• Asking for cash payment at the time of transaction.
• Be cautious when dealing with unknown individuals.

Still unsure? Our representatives are happy to help. Please contact your local branch or call our Member Solutions Centre at 1.800.264.2926.