What you need to know about E Transfer Scams
As more people opted for cashless transactions during the pandemic, the fraudsters worked tirelessly to benefit from e-transfer scams. E-transfer makes transacting money easier than walking around with cash or a checkbook.
However, although the banks have protective systems for their customers, scammers still have a better way to earn money illegally. Fortunately, you can protect yourself by using secure internet connections and practicing internet safety.
A better way to avoid being a victim of e-transfer scammers is to learn to identify suspicious activities. If you become a victim, call your bank immediately. You should also change your passwords to make the account safer.
What Is E-Transfer Scam
E-transfer scams happen in two ways. First, the money deposited into your account can be returned to the sender, or money could be sent from your account without your consent.
Money sent to your account is returned to the sender if the transaction was accidental or due to fraud. For example, the scammers send money from another victim's account, and they could ask you to return it to their account.
However, if you suspect that the sender could be a fraudster, you should speak to the bank, which will automatically return the money to the owner. Being a victim of e-transfer scams can be scary, but there are ways to protect yourself.
Ways to Protect Yourself from E-Transfer Scams
E-transfer fraudsters have their ways of accessing people's accounts, and they could also ask for the details from the owner. Most people fall victim to scammers because they don't know how to detect phishing emails and are not careful with their personal information.
Some of the ways to avoid e-transfer scammers are;
Use E-Transfer with People or Businesses You Know
E-transfers are fast and more manageable than using cash or writing cheques. Once you get used to this money transfer method, you might never go back to the old ways. However, you should be picky with who you send money through e-transfer.
Like cash transactions, e-transfers are hard to reverse, and most victims lose money. So be wary of clicking links sent to your email or replying to suspicious emails. Some fraudsters are smarter and use emails that look legitimate by including the company logo, but you would rather enquire with the company first.
Ensure Your Internet Connection Is Secure
Most people fall victims to e-transfer fraudsters because of using public Wife. If you are in an office or a public place and want to access your bank account or transfer cash, switch on your cellular data.
Scammers and hackers can fish your account details, including passwords from the public Wife. You should also avoid logging in your bank details on other computers apart from your devices. Although most people remember to delete their details, scammers have their ways of getting your data.
Ensure Your Security Questions Are Strong
Avoid using passwords you use for other websites to your bank account. When your email is hacked, hackers will have an easy time guessing your bank account's password. You should also set security questions that only you know the answers to.
To completely secure your account, ensure you create passwords with a string of characters and numbers. Also, avoid sharing it with anyone, not even the bank.
Auto-deposit to your bank account saves you the hustle of entering your passwords and answering security questions. All the transactions made to your email are automatically deposited into your bank account. It makes it hard for fraudsters to intercept the transfers, even if they gain access to your account.
Emails carry many personal information, which is why fraudsters first try to gain access. Through it, they can get passwords and bank details and use the information to steal from you.
Ensure your email is secure by creating two-step verification. This way, you will be the only one to authorize logins to other devices and access your email.
What to Do If You Experience Canada Revenue Agency E-Transfer Scams
Protecting your account is essential, but sometimes your security can be compromised, and you become a victim of e-transfer fraudsters. Although it is scary and stressful, ensure you take these measures.
Contact Your Financial Institution
Most people think of reaching the fraudster when they fall victim to e-transfer scams, but you should first contact your bank. Tell them all the details of the transaction and mention that you did not authorize it. The bank will start investigations, and you could get the money back.
Failure to contact the bank leaves you open for more frauds. For example, the scammers could use your account to deposit money from other victims, withdraw it, and steal what you have.
The fraudsters might have accessed your account because they have the password. Changing it immediately locks them out and keeps your account safer. However, first, ensure that your computer is not hacked.
Changing your bank details using the hacked computer won't help block the scammers because they can see the new one. However, you can get a new system and change your passwords, including your secret answers.
If your account was hacked and fraudsters got your personal information, they could use it in other ways like applying for credit cards. So once you change your passwords and account details, set up fraud alerts.
Set alerts also with TransUnion because they check your credit score. They will inform you of any suspicions about your credit score because it will mostly happen if you have a credit card.
If you realize someone got a credit card using your details, investigations should start immediately and restrict the scammer from using the credit card. However, you must pay for the fraud alerts.
Avoid E-Transfer for Online Shops
Only use e-transfer to send money to your friends and people you know. Using it with strangers is dangerous because they can reverse the cash. It is also advisable to only accept cash if you have a shop.
Allowing strangers to pay with e-transfer in your online shop can cause you many losses because they can reverse the money. Besides, some draw cash from hacked accounts, and you could be a suspect if money is transacted into your account.
Other buyers offer to pay you extra cash if you deliver the item fast. For example, they could add $200. If this happens, ask to get the payment in cash. If the buyer is genuine enough, they will agree to meet up.
Possibilities of Getting E-Transfer Fraud Money Back
Once you realize you are a victim of e-transfer fraud and contact the bank, they start the investigations immediately. First, the bank could freeze your account to prevent withdrawals and more losses. Then, you will be able to get your money back.
If you accept the transfer but the other victim reports it and money is reversed from your account, the bank won't be able to help much and you will lose your cash. You can report the fraud to the police, but it will not be upon them to follow up.
E-transfer scams can be stressful and scary to the victims. However, reporting the fraud is the first step to getting help. Also, securing your account by setting strong passwords protects you from the stress of losing money.