In today's digital age, sending and receiving money through e-transfers has become quick and convenient. But with this convenience comes the risk of fraud. Here are some simple tips to keep your money safe:
Be Wary of High-Risk Transactions: If you're selling goods online or receiving money from someone you don't know, be extra cautious. Scammers often use e-transfers for fraudulent purchases or payments.
Be Careful with Facebook Marketplace and Kijiji: Facebook and Kjiji are common options for Canadian users to buy and sell products online, but these sites also attract Interac e-Transfer fraud.
Examples
Paying for an item and never receiving it
Sending an item but never receiving funds for it
Protect yourself
Don't send or provide items/services before you get you money
Beware of Large Cash deposits required for your purchase to be sent
Use Two-Factor Authentication: Opt for services that offer two-factor authentication for added security. This adds an extra layer of protection by requiring a code sent to your phone or email to complete the transfer.
Fake e-transfer emails and text messages: Be aware of getting messages from unknown senders, some things to look for:
Attachments
It says your money is in escrow
It’s unexpected or it comes from a stranger
It uses a generic greeting, like “Dear Customer”
It comes from the Canada Revenue Agency (CRA)³
Trust Your Instincts: If something comes off, please review it before proceeding with the e-transfer. While e-transfers offer convenience, it's crucial to prioritize security.
By following these simple tips, you can help protect yourself from fraud.