Sending money with Interac e-Transfers is safe but not foolproof.
Sending money online has become increasingly popular, especially in the wake of the pandemic. The convenience of cashless transactions is undeniable—no need to write cheques or handle physical cash.
During the pandemic, the Bank of Canada urged retailers to continue accepting cash, highlighting the shift towards digital transactions. In fact, on May 1, Canadians sent a record 3.75 million Interac e-Transfers.
Transferring money electronically, such as through an e-Transfer, offers speed and security, particularly when compared to carrying large sums of cash. However, it’s essential to remain vigilant against potential fraud.
To safeguard your finances and personal information, consider the following precautions:
By taking these precautions, you can help protect yourself from online fraudsters and ensure secure money transfers in an increasingly digital world.
Sending money online through e-Transfer is a seamless process if you’re already enrolled in online banking. Here’s how it works:
Receiving e-Transfers is free, and depending on your banking setup, sending them can be free as well. Some banks offer incentives like welcome bonuses or waived fees for specific account packages. Additionally, there may be limits on the amount you can send based on your daily access limit.
It’s important to note that e-Transfers are time-sensitive, and recipients must deposit the funds before the specified deadline. You can also cancel an e-Transfer before it’s accepted by the recipient.
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Sending money via Interac e-Transfers is generally safe, but it’s important to take precautions to protect yourself from potential risks.
Here are five key steps to ensure the safety and security of your e-Transfers:
By following these tips, you can help mitigate the risks associated with sending money via Interac e-Transfers and ensure the security of your financial transactions.
Stick to sending e-Transfers only to trusted individuals or businesses to minimize the risk of fraudulent activity. Once a recipient deposits the money, it’s challenging to dispute or reverse the transaction, similar to cash payments.
Exercise caution when receiving unexpected e-Transfers, especially from unknown sources. Fraudsters may attempt to deceive recipients by using familiar logos or email addresses. If you receive an unexpected e-Transfer or are unsure of its legitimacy, refrain from replying or clicking any links. Instead, verify the transfer’s authenticity by contacting the sender through a separate communication channel.
Remain vigilant and skeptical of e-Transfers from unfamiliar sources, as fraudulent transactions can result in financial losses. Taking proactive measures to confirm the validity of incoming transfers can help safeguard against potential scams.
When conducting banking activities on the go, utilize your cellular data instead of public Wi-Fi to reduce the risk of potential security breaches by hackers.
Additionally, it’s advisable to refrain from sending e-Transfers on shared computers, including those belonging to friends or family members. Shared devices may lack adequate security measures and could be vulnerable to exploitation by fraudsters.
Just as you wouldn’t leave a safe unlocked, it’s crucial not to leave your digital assets vulnerable with a weak password. Avoid using common words, passwords employed on other websites, or easily guessable answers.
For instance, a woman from Peterborough, Ont. had her e-Transfer intercepted by a thief after using the question, “Who is my favourite Beatle?”
Instead, opt for a challenging question known only to you and the recipient. Alternatively, create a unique combination of characters and numbers. Exercise caution when sharing the answer; refrain from sending it via email or providing hints within the e-Transfer itself.
Another way to protect against email fraud is by enrolling in auto-deposit. With this feature enabled, transfers sent to your email address will be automatically deposited into your bank account.
Moreover, auto-deposit enhances convenience by eliminating the need to enter a password or answer a security question.
By utilizing auto-deposit, even if fraudsters manage to access your email account, they won’t be able to intercept the transfer.
Fraudsters often target your email account to gain access to your e-Transfers.
To safeguard your accounts, be cautious about the information you share online, including personal details that could be used by hackers. Consider implementing two-factor authentication for added security.
Remain vigilant against phishing attacks, which involve fraudulent emails designed to appear legitimate in order to steal your personal information.
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