Valley First

Interac e-Transfer® Interception

When sending an Interac e-Transfer, you have a role in protecting yourself against fraud by ensuring the recipient’s contact details are correct and up-to-date, and that you’ve chosen a security question that’s hard to guess.

 

Overview

What is an intercepted Interac e-Transfer®?


Interac e-Transfer is a popular method for sending money given its convenience and efficiency. All you need is access to online or mobile banking and the email address or mobile phone number of the recipient, and you can send money instantly to anyone in Canada.

While Interac e-Transfer uses a number of security measures, including encryption technology and secure login processes, money can still fall into the wrong hands in one of two ways:

  • If the recipient’s contact details are incorrect, the Interac e-Transfer can be mistakenly directed towards another person.
  • If the recipient’s email has been compromised, criminals can monitor the account for notifications from Interac. When they see one come through, they can use the deposit link to redirect the funds into a different account, if they can correctly answer the security question.

When sending an Interac e-Transfer, you have a role in protecting yourself against fraud by ensuring the recipient’s contact details are correct and up-to-date, and that you’ve chosen a security question that’s hard to guess.

If you are a member of First West Credit Union and you suspect you’ve been a victim of Interac e-Transfer fraud, please contact your branch right away.

 

Protection Tips

How to protect yourself from Interac e-Transfer® interception


Protect yourself when sending an Interac e-Transfer® by following these best practices:

  • Ensure the recipient’s contact details are correct and up-to-date.
  • Use a security question with a hard-to-guess answer. Don’t overestimate the security of the internet and email. The security question is there as a safeguard against the wrong person getting their hands on the Interac e-Transfer®.
  • Never send the answer to the security question via the same means as the Interac e-Transfer® itself. For example, if the transfer is sent via email, do not email the answer. Instead, provide it to the recipient via a telephone call or text message.
  • Consider setting up Autodeposit, which eliminates the need to manually deposit the funds and eliminates the opportunity for fraudsters to scoop the Interac e-Transfer®. Encourage your frequent Interac e-Transfer recipients to also set-up the service.

Protect your email from being compromised with these tips:

  • Change your email passwords frequently. Ensure they are unique, complex and use a combination of uppercase and lowercase letters, numbers and special characters.
  • Maximize the security of your email accounts with strong challenge questions and two-factor authentication (when available). If these features are not available seek out a service provider that offers them.
  • Be careful when clicking links that are not familiar or trusted. Phishing links are a popular way for email accounts to be compromised.