Stay safe from online payment scams

Tips to avoid falling victim to online scams

As more Canadians engage in online transactions, the threat of digital fraud attempts grows. Scammers are capitalizing on the proliferation of social media, gaming apps, and online marketplaces, making it crucial for everyone to understand how to protect their financial and personal information.

When using money transfer services like Interac e-Transfer, it's vital to only send money to people you know and trust, akin to handling cash. Setting a strong, unpredictable password and sharing it through secure means is another essential step.

Interac suggests setting up Autodeposit for added security, which can protect both senders and recipients from fraud. When dealing with online marketplaces, it's recommended to verify seller credentials and meet in public places if possible. Never include security question answers within the question itself, and avoid sharing any Interac e-Transfer reference numbers.

Be aware of prevalent scams such as - 

Online Marketplace Scam - Where sellers request payments upfront and fail to deliver the goods.

Rental Scam - Potential landlords require deposits for properties that do not exist.

Romance Scam - A new romantic interest asks for money for emergencies or travel, only to disappear.

To fortify your first line of defense, confirm the legitimacy of transactions and remain skeptical of too-good-to-be-true offers.

Nearly 40% of Canadians have encountered scams involving fraudsters impersonating trusted sources. Stay informed and vigilant to navigate the digital landscape safely.