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Best Practices: E-Transfer Fraud
Best Practices: E-Transfer Fraud Incidents of e-transfer fraud continue to target Canadians over the phone, via text messages, emails, and in person. Our industry is not immune to this and Brokerages are also dealing with this type of fraud. Be aware of how you can spot e-transfer fraud and protect yourself by: Creating strong security questions and passwords; Contacting the person who sent the request or transfer to establish its authenticity before acting; Avoid clicking on phishing links; and Report fraudulent activity to the Canadian Anti-Fraud Centre. Read on for more information on e-transfer fraud and how you can protect yourself. Sending an E-Transfer Firstly, e-transfer fraud occurs when a third party is able to intercept an email money transfer and correctly guess or obtain the password. It is also important to note that once the recipient has deposited the funds, the e-transfer transaction cannot be reversed. Therefore, exercise caution and always send an e-tran...
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