This occurs when a legitimate customer sends an e-Transfer to someone they know. Criminals seize the opportunity to deposit the funds to a mule account before the intended recipient has the chance. The interception is not caused by a vulnerability in online banking or the Interac e-Transfer product, but rather because the recipient’s email account was accessed by a criminal. Once in that account, criminals can “see” the notification from Interac and use the deposit link to redirect funds into a different account by answering the security question.
Here are some tips to help our members protect themselves. Members should:
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Not communicate the answer to the security question via email. Call and/or text the recipient with the password. If the Criminal only has access to your emails they won’t get the answer easily.
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Select a question and answer that is not easy for a third party to guess. If the notification is intercepted, it will be harder for a criminal to answer and steal the funds. If your question is “Who is my favourite Beatle?” Fraudsters have a 1 in 4 chance of guessing your answer.
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Be cautious not to click on any phishing links and ensure that they are only transacting with trusted websites, vendors and people.
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Immediately notify your financial institution if you sense anything suspicious about your transaction.
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Register for Autodeposit (if enabled for your institution). This will make sending money on the e-Transfer service more secure.
Visit our Member Security section of the blog for more tips and articles about keeping safe!
