Lakeland Credit Union - e-Transfer Fraud

e-Transfer interception fraud occurs when money is being sent via Interac e-Transfer® from one’s bank account to another’s through the use of an email address or phone number. Fraudsters will intercept the online transaction and divert the money to a different bank account.

How to protect yourself
Fraudsters can intercept Interac e-Transfers by gaining access to the recipient's email account and either guessing or obtaining the answer to the security question. Whether you are the sender or the recipient of an Interac e-Transfer, it’s important that everyone plays a role in preventing fraud.

As the Sender:

Do: Create difficult and unique security questions that only you and the recipient will know.
Do: If necessary, only share the security question answer with the recipient over a secure method of communication (phone).

As the Recipient:

Do: Enroll in Interac e-Transfer Autodeposit to have funds automatically deposited without answering a security question.
Do: Create difficult and unique passwords to protect your accounts (email, social media).

Do Not: Include the security answer in your question.
Do Not: Share your security question answer over email, text or social media
Do Not: Reuse the same security question answer for multiple recipients

Do Not: Create account passwords that are easy to guess by anyone.
Do Not: Share your passwords with anyone.
Do Not: Suggest multiple senders use the same security question answer.

For more tips on protecting yourself from e-transfer fraud click here: Why sending money via email or text is secure - Interac

Interac e-Transfer Fraud