Interac e-Transfer Intercept Fraud

This occurs when a legitimate member sends an e transfer to someone they know. Fraudsters seize the opportunity to deposit the funds to a “mule” account before the intended recipient has a chance to accept the e transfer. The interception is caused by the fraudster “hacking” into the recipient’s e mail account. Once the fraudster is in the account, he/she can “see” the notification from Interac and use the deposit link to redirect the funds into a different account by answering the security question.

Here are some tips to help against fraudulent interception of e-Transfers:

1. Do not communicate the answer to the security question via email.  Call or text the recipient with the password.
2. 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.
3. Be cautious not to click on any phishing links and ensure you transact with trusted websites, vendors and people.
4. Immediately notify your financial institution if you sense anything suspicious about a transaction.