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We all love Interac e-Transfers® because they make it so easy to move money to friends or family. Just as every rose has its thorns, there is risk with e-Transfers® if they aren't used prudently. The good news is it's manageable.
Here are a few security tips when using e-Transfers®:
- Only send money to people you know and trust, just as you would cash. An Interac e-Transfer® transaction cannot be reversed once a recipient has deposited the funds.
- Selecting a security question and answer that isn’t easy to guess or can be easily found with a few web or social media searches (i.e. Don't use: what is the colour of the sky? What is my First/Last name? What is the name of my dog/mom/dad? What city do I live in?).
- Don’t communicate the answer to the security question in the security question itself or the message section. Provide the answer to the recipient by a different means than the e-Transfer® was sent (ie: call and/or text the recipient with the answer).
- Set up Autodeposit and suggest your recipient do the same. Autodeposit allows you to register up to five email addresses or mobile numbers and receive e-Transfers® to without having to answer a security question. Funds are automatically deposited to your account.
- Unexpected Interac e-Transfer® notification? If you receive an Interac e-Transfer® text or email you weren’t expecting, confirm with the sender via another channel. If the email or text comes from someone you don’t know, or you suspect it to be fraudulent, don’t respond or click any links.
Autodeposit set-up is easy!
It's easy! Log on to your app:
-
- Click on ...More in the bottom right-hand corner
- Select Interac e-Transfer® settings
- Choose Autodeposit settings
- Click on the + sign in the top right-hand corner
- Create up to five autodeposits for your email(s) and mobile number(s). Each will need to be set up separately
