Tips for keeping your Interac e-Transfer transactions secure

Whether you’re paying back a friend or helping out a loved one, Interac e-Transfer® is a simple, secure way to send money. It’s convenient, easy to use and free1 when you have a transaction plan with Desjardins. But while it’s secure, fraud can happen to anyone. Security starts with you; the key is to stay vigilant. Here are some best practices to help you transfer money securely.

Best practices

Imagine this: You just moved into a new apartment, and you decide to pay your rent by Interac e-Transfer. Easy, right? But then you find out the first payment went to the wrong person. How could this happen? It turns out that a fraudster intercepted your transfer notification email and cracked your security question. Unfortunately, an Interac e-Transfer can’t be cancelled once the money’s been deposited.

The good news is that you can avoid this situation with a few simple steps. Be creative when choosing your security question, and don’t use obvious answers. For example, if your security question is “What colour is the sky?”, “blue” is too easy to guess, even on a rainy day.

If you don’t think the recipient knows the answer, share it separately—ideally verbally.

The 5 steps for a secure Interac e-Transfer

1. Before sending a transfer, ask the recipient if they’d rather be notified by text message or email.² Use different communication methods for the transfer details and answer to the security question. For example, if you send a transfer by email, confirm the recipient’s email address by text message or out loud.
2. The same goes for the answer to your security question. If the recipient says they can’t remember the answer and asks you to resend it, use a different communication method than the one they used to contact you.
3. Pick a security question that’s hard to guess, even for someone who knows you well.
4. Don’t leave a transfer sitting in your inbox. If your email account gets hacked, a fraudster could intercept the funds.
5. Use Interac e-Transfer only to send money to people you trust or whose identity you can verify.

Pitfalls to avoid

When it comes to financial transactions, vigilance is the best way to stay one step ahead of fraudsters as their tactics continue to evolve. Here are some red flags to watch out for:

• You receive a notification about a transfer you weren’t expecting. Sounds too good to be true, doesn’t it? Before opening the message, confirm with the person or organization that the transfer is legitimate.
• You get a text or email from Interac asking you to confirm your banking information. Don’t reply—it’s probably a scam. When in doubt, contact your financial institution to check if the message is legitimate. An email address or link that doesn’t match the institution’s official domain is a telltale sign of fraud. 
• Have you set up multiple transfers to the same recipient? By default, the security question and answer will remain the same. Make sure they’re hard to guess, since they’ll be used for future transfers. 
• If you’re buying a used item online External link., don’t pay until it arrives. If not, use a more secure payment method like cash when possible.
• Don’t transfer money to show you’re serious about a purchase or rental. You might be asked to send a transfer without being asked for the answer to the security question. Then, chances are you’ll receive a fake email from “Desjardins” or “Interac” asking you to confirm the answer. That’s when the scammer can get their hands on your money.
• Are you sending money to someone who uses Autodeposit? Make sure the name registered for the feature matches the person you’re sending money to before you confirm the transfer.
• Never forward an email containing a transfer link or share the transfer’s alphanumeric code. 
• Check the details here: 

You’re now ready to send your next Interac e-Transfer with confidence.