INTERAC® e-Transfer Security

Always be careful when sending money

We all have a role to play in protecting ourselves. You should send money using Interac e-Transfer only to people you know and trust, the same way you would with cash. An Interac e-Transfer transaction cannot be reversed once a recipient has deposited the funds.

For uses where you may not know the recipient well, like online auctions or resale sites, take the same precautions you would normally take when making cash purchases. Be sure to read any guidelines for protecting yourself as outlined by the operators of each site.

Email money transfers – also known as Interac e-Transfers – are increasing in popularity. They are easier, cheaper and safer than sending money or checks in the mail. All you need is the email address of the recipient, and you can set up a transfer than can only be accepted if they correctly answer a secret question you customize for the transaction.
 
Online & mobile banking convenience does, however, come with new safety threats, such as cyber criminals who attempt to exploit a vulnerability to access your financial information.

Tips for Safe Interac e-Transfers

DO choose a strong security question that only your recipient will know.  Never send the answer via email or text. If you feel that they need assistance with the answer, chat over the phone.

DON’T respond to revision requests that purport to be from Interac or your bank that require you to send information over email or text. If you receive a message from Interac that the transfer was not completed, review your transfer from your bank account to see if you typed in the wrong address.

“Choose a strong security question.”

DO regularly monitor your bank account to identify unexplained activity by reviewing the account statements you receive by mail or online.

DON’T provide personal or account information in response to an unsolicited email or text. Neither Interac nor your credit union will request your account number, your personal identification number or other personal information in an e-mail because they have it.

“Examine emails carefully for scams”

DO review any email that purports to be from Interac or your financial institution for unusual phrases, errors, or inconsistencies in the logo, address or e-mail address.

DON’T click on a link in an email without a second look. Place your mouse pointer over any link and hover there until an actual web address pops up. If it’s a legitimate and trustworthy address, you must decide if clicking on it is worth the risk.

DO ignore any suspicious message that implores you to act immediately or that issues a warning. For instance, ignore the message “Warning! Your account has been compromised.”

DON’T store your account passwords in your web browser or mobile app. You don’t want someone being able to access your account at just the click of a button.

DO have a strong password protecting your online banking account. It should be a strong, unique password that is known only to you.

If you have any more questions or concerns about sending money over email, check out Interac’s e-Transfer Frequently Asked Questions website.

 

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