TLDR

• E-Transfers are an easy way to send and receive money – whether paying a contractor, paying rent or reimbursing a friend.
• Sending an e-Transfer feels routine, so many of us send them without a second look.
• e-Transfer scams take several forms, from forged overpayments to redirected invoices to urgent requests that appear to come from someone you know.
• Verifying requests, tightening your account security and limiting who has your contact details can reduce your risk.

E-Transfers have become one of the most common ways to send money – whether it’s paying a babysitter or contractor, reimbursing a friend for dinner, paying your rent or sending money to kids away at school. They’re so easy and convenient, in fact, that senders and receivers often don’t think twice about the transaction.

It’s this sense of ease and routine that has made many vulnerable to e-Transfer scams. When you can send or receive money without thinking much about it, the small checks that might normally catch a problem could be skipped – such as reading the sender’s address closely, confirming the amount or asking why the payment details have changed. After all, a request that arrives at the right moment, from a name you recognize in a format you see regularly, doesn’t invite much scrutiny.

What is an e-Transfer scam?

An e-Transfer scam is any attempt to trick you into sending money to a fraudster, or into handing over the credentials that let someone intercept a transfer meant for you. These are the most common forms:

How to protect your e-Transfers

Whether you send e-Transfers often or only once in a while, these steps can help keep your money – and your credentials – out of the hands of scammers. 

• Verify requests independently. Before sending money in response to a message, confirm it through a secure channel, such as a number you already have (not one provided in the request). This applies to invoices with new payment details, urgent asks from a manager, an emergency request from a relative – and anything that comes with a reason to act quickly.
• Strengthen your account security. There are a few ways you can boost your account security and reduce the risk of e-Transfer scams:
• • Register for Autodeposit, so incoming transfers go straight to your account without a security question someone could guess.
  • Turn on 2-Step Verification for your online banking, so if a scammer intercepts your email, they still can’t access your funds (2-Step Verification is now automatic for RBC Online Banking and the RBC Mobile app).
  • Use a long, unique password for each of your accounts.
  • Switch on real-time alerts so you are notified of any unusual activity.
• Limit your exposure. The email address and mobile number you register for e-Transfers are what a scammer needs to reach you. Try to share them only with people and businesses you deal with directly and keep them off public profiles and listings to keep these details private.

Fallen victim to an e-Transfer scam? Here’s what to do next

Fraud attempts are designed to be convincing – and anyone can be convinced into giving too much information to a scammer. It’s best to act quickly if you have inadvertently sent money or provided information to the wrong person. 

1. Report the incident. Notify your bank and law enforcement.
2. Scan your devices. If you clicked on a link or attachment, it’s a good idea to run an antivirus scan to check for malicious software.
3. Change your passwords. Update passwords for any accounts that might be compromised.
4. Lock down your credit. If you shared personal information with the scammer, it’s a good idea to place a fraud alert on your credit report.
5. Lock or cancel your credit card. If you inadvertently provided the scammer with your credit or debit card information, immediately lock and then cancel your card.
6. Alert others. Warn friends and family so they don’t fall for the same scam.

E-Transfers are meant to be easy, convenient and fast. Protecting them is just as simple. One quick check on the details before you send or receive a transfer can keep your money and information out of the wrong hands.