Banking: How to e-Transfer Safely and avoid fraud

There are many tips and tricks that can help you safely e-transfer. Many people do not know the dangers of fraud that could happen when using this function. Being able to do an e-transfer is convenient, though. This is why it is important to stay safe, so you can continue to have the convenience of an e-transfer.

Having the option of an e-transfer is becoming more and more common in many financial institutions throughout Canada. Learn more about staying safe and protecting against fraud when using this e-transfer function.

Tips for Keeping Your Account Secure


There are a number of specific tips and tricks to keep in mind when keeping your account secure. Preventing fraud is one of the best things you can do. Protect yourself, your personal and your financial information from those who would likely steal it if left vulnerable.

Here are some of the tips we’ve compiled to make sure you keep your account secure from fraud.

  • Set up a security question and answer and use it with anyone who is going to be sending or receiving money 
  • Do not create weak passwords, as this could be something easily guessed by a hacker 
  • Verify the person who is sending you money. You want to ensure that you know them and are sending money to the right place or getting it from the right person. 
  • Suggest setting up double authentication whenever possible as an extra layer of security 
  • Do not use the same password for all your accounts 
  • Do not share your passwords with anyone because this could give them access to all of your information, whether you know the person or not 

By following these tips, you have a better chance at obtaining the right e-transfer and protecting yourself. You don’t want someone you don’t know to have access to all of your money and your personal information.

Send Money to Those You Know and Trust – and Accept from the Same


This should go without saying, but you do not want to send any of your financial or personal information to those who may wish to use this information against you. You need to ensure that you know where the money is going, as well as where any money is coming from.

If you are sending or receiving money, make sure that you do not send any personal or private information in the message with the money. You should keep any security questions, answers, passwords, and additional information out of the e-transfer.

There are many different options to send money. The fastest and easiest method is to transfer funds online using online banking. Review some of the most popular money transfer services available in Canada here!

Fraud Happens Anywhere, to Anyone


Those who think that fraud does not happen, or that fraud is something that will never happen to you; this is not true. Fraud can happen to anyone, anywhere, at any time. This is why it is important to bank with a secure financial institution that can offer the best security that is necessary to keep your information safe.

It is important that you consider the security of the banking institution. Before signing up, look into all that comes from the bank. Security and the latest in technology encryption should be on the list of things offered to those banking with them.

Frequently Asked Questions About How to Securely Transfer Safely and Avoid Fraud


What if someone I work for wants my financial information?

This is a safe person, if you know that the position is legitimate. If you do not feel comfortable giving the person your financial or personal information, or if you have any reserves about this job being fake; do not provide any information to them.

Can an e-transfer be hacked?

Yes. Any emails that are used on the e-transfers can be hacked, with information stolen. This is why it is important to change your email and passwords often.

How secure are e-transfers?

E-transfers are very secure and have multiple layers of security on them, especially through well-known financial institutions. They make sure that this information is secured through the latest and greatest encryption technology to keep those banking with them safe.

However, protecting your information should be something you need to do regardless. You want to always protect your information.

Can you tell if you’re getting a fake e-transfer?

Sometimes there are fake e-transfers that try to make their way through the system. Generally, these are caught by the financial institution and denied. However, if you notice one that is not right, then you should ensure that you stop it before accepting it. You don’t want them to have your financial information.

If you receive an email from someone attempting to make an e-transfer into your account, and you notice there is an attachment or if you don’t recognize the sender or transfer; do not accept it. They could be trying to get your financial and personal information from your account.

Can you get scammed if someone sends you money?

If someone sends you a check, and they want you to cash it for products, or if you are supposed to send someone else money; this could be a fake check. The same goes for wire transfers. You do not want to provide your information or put their fake check into your account, as this is how they can get a hold of your financial and personal information.

How long will an e-transfer take?

The transactions that you make over e-transfer are generally done within an hour of initiating them. This is very quick as compared to other deposits or transfers that you can make. You will generally have a notification within 20 minutes of making the e-transfer or having someone else make one into your account.

Can I get hacked if I am the one sending the money to someone?

If you are the one sending the money, you can still get hacked. That is why it is imperative that you know who you are sending money to. You don’t want to open up the door to a hacker to gain entry into your financial account and to your personal information.

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Amanda Leach

Fifteen years can be a long time to work in one industry, but not when you are doing something that you love. Amanda has enjoyed the freedom of working as a freelance writer for the majority of her career. She has successfully combined her passion and skill for writing while still enjoying a life filled with travel, learning and exciting new experiences. While she loves exploring all different types of writing, her PhD in Consumer Psychology has made her a sought after writer for marketing, business and technology fields. Amanda is a regular contributor to Smarter Loans.