A few things no one told you about Interac e-Transfer® safety
Sending (or, even better, receiving!) money is a breeze with Interac e-Transfers®. It’s almost like magic, although there is lots of stuff that goes on behind the scenes. One thing is for certain, a number of factors come into play to protect your money.
Your money isn’t sent over email or text – only notifications
Sending and receiving money through Interac is very secure. Funds are actually transferred through existing payment networks that have been used for years to settle cheques and for ATM deposits and withdrawals.
An Interac e-Transfer® isn’t instant (and this is a good thing)
When someone sends an Interac e-Transfer®, it’s run through a screening process at Interac, which is why transfers can take up to 30 minutes to come through. Each transfer needs to be analyzed against a number of risk factors, which will ultimately protect both the receiver and the sender.
Interac e-Transfer® safety features are extensive
Interac e-Transfer® safety features include:
- Confidential login through your financial institution.
- The latest encryption technology.
- Security questions to ensure only the intended recipient can access the money your sending.
- Option to register your email address for Autodeposit®.
Autodeposit® offers additional Interac e-Transfer® safety and security
Autodeposit allows you to register an email address and receive transfers to that email without having to answer a security question. Having Autodeposit set up may reduce the risk of certain types of fraud and it gives you peace of mind knowing someone can’t intercept the transfer and guess your question.
If the person you’re sending money to doesn’t have Autodeposit® set up, you still have to set a security question.
You are responsible for a smart security question
First, your security answer must follow these guidelines:
- Must be one word.
- No blank spaces.
- Must be between 6 – 25 characters.
- Must not contain special characters (i.e. $, #, @, &, etc.).
- The answer is not case sensitive and both letters and numbers are accepted.
- If the answer is a date, the format is dd-mm-yyyy (i.e. 22-03-2011).
Second, the question and answer shouldn’t be something that is common knowledge and anyone could answer. For example, what holiday falls on December 25 or what colour is the sky, would both be poor choices.
Lastly, never include the password answer in the security question or notes section.
Be unique and specific in your question creating strategy. It’s a super important step.
Here are three points to keep in mind.
- Don’t click on any links from people you don’t know as it may be a phishing scam.
- For ultimate e-transfer safety, be careful when sending any money transfer and double-check your transfers before sending them.
- If you ever suspect an Interac e-Transfer® has been intercepted, please reach out to your local branch immediately.
Want to learn more?