Interac e-Transfers have made sending and receiving money easier than ever. Whether you’re splitting a bill, paying rent, or sending funds to a friend, e-Transfers provide a quick and convenient way to move money. However, with the rise of digital banking, scammers have also become more sophisticated in their tactics, attempting to trick individuals into fraudulent transactions.
At Westoba, we want to help you stay informed and protect your hard-earned money. Here’s what you need to know about e-Transfer scams, common red flags to watch for, and how to keep your finances secure.
Common e-Transfer Scams
Scammers use various tactics to trick individuals into sending or accepting fraudulent e-Transfers. Here are some of the most common scams to be aware of:
The Unexpected Transfer Scam
If you receive an e-Transfer from someone you don’t know or weren’t expecting, be cautious. Fraudsters may send fake transfer notifications, tricking you into clicking on a fraudulent link that steals your personal information. Always verify with the sender before accepting any unexpected transfers.
The Overpayment Scam
This scam typically targets sellers in online marketplaces. A scammer will “accidentally” send you more money than agreed upon and ask for a refund. However, the original e-Transfer is often fraudulent or gets reversed, leaving you at a loss. If you received an overpayment, do not send any money back, and contact your financial institution instead.
The Fake Refund or Prize Scam
Fraudsters may claim you’re entitled to a refund or have won a prize, instructing you to accept an e-Transfer to claim your money. Remember: if it seems too good to be true, it probably is. Legitimate businesses will not send unsolicited prizes or refunds via e-Transfer.
The Phishing Email or Text Scam
Some scammers disguise themselves as your financial institution, sending fake e-Transfer notifications that appear real. These messages often urge you to click a link to “deposit” or “cancel” a transfer, leading you to a fake website designed to steal your login credentials. Always check the sender’s email or phone number, and avoid clicking on suspicious links.
Even when a situation seems legitimate, stay vigilant. Fraudsters often mimic real buyers to gain your trust. If something feels off, trust your instincts and double-check before proceeding.
The Emergency Scam
Scammers may impersonate a friend or family member, claiming they need money urgently due to an emergency. They may say they lost their phone, had an accident, or need help with an urgent bill. Before sending money, verify the story by calling the person directly.
How To Protect Yourself from e-Transfer Scams
While scams can be sophisticated, there are key steps you can take to protect yourself:
- Verify the sender: If you received an e-Transfer, always confirm with the sender before accepting it, especially if you weren’t expecting one.
- Check the details: Ensure that the email address or phone number used to send the transfer matches the official contact information of your financial institution.
- Be wary of urgency: Scammers often pressure victims into acting quickly. If someone if rushing you to accept or send an e-Transfer, take a step back and verify the details.
- Use strong security questions: When sending an e-Transfer, choose a security question that is difficult for others to guess, and never share the answer via email or text.
- Never click on suspicious links: Your financial institution will never send you an email or text with a direct link to accept or cancel an e-Transfer. Always log in through your banking app or website.
- Enable auto-deposit when possible: Auto-deposit links your e-Transfer directly to your bank account, reducing the risk of fraudulent interception.
- Report suspicious activity: If you receive a suspicious e-Transfer or think you’ve been targeted by a scam, contact your financial institution immediately.
Stay Safe While Banking Online
Digital banking offers convenience, but it’s important to stay vigilant against fraudsters looking to take advantage of unsuspecting individuals. By keeping an eye out for red flags and following best practices, you can protect your money and personal information from scammers.
At Westoba, we’re committed to keeping our members safe and informed. If you have concerns about e-Transfer security or suspect fraudulent activity, don’t hesitate to reach out to us. Stay vigilant, stay cautious, and bank with confidence.
If you ever receive a suspicious e-Transfer notification or phishing attempt, report it immediately to your financial institution and the Canadian Anti-Fraud Centre.
Have questions about fraud prevention? Chat with our team today.
