Ontario Residents Cautioned Against New E-Transfer Scam Exploiting Personal Information
Scammers are ramping up efforts to exploit Ontario residents post-holiday, posing as financial institutions to access e-transfer details and bypass multi-factor authentication protections.
The Canadian Anti-Fraud Centre (CAFC) warns that fraudsters are impersonating banks, convincing victims to send e-transfers to fraudulent accounts under the guise of protecting their funds. These scammers often compromise security measures by persuading individuals to share verification codes sent via text or email, enabling unauthorized access to bank profiles.
In a more alarming trend, some scammers visit victims’ homes, posing as investigators and claiming to need their bank cards for a fraud investigation. Victims have also been tricked into withdrawing large sums of money to “help catch dishonest bank employees,” only to lose their funds to the criminals.
To appear legitimate, fraudsters may spoof financial institution phone numbers, provide fake call-back numbers, and use personal information—such as names, addresses, and debit card numbers—obtained from past data breaches.
The CAFC highlights several warning signs of these scams, including:
- Urgent requests for codes, URLs, or personal information.
- Unsolicited calls or messages from supposed financial institutions.
- Visits from individuals claiming to investigate fraud.
To protect yourself from these scams, the CAFC advises:
- Never sharing e-transfer links or authentication codes.
- Avoiding remote access to your devices.
- Using official bank contact numbers found on your debit card.
- Enabling auto-deposit for e-transfers.
- Refusing to hand over bank cards to anyone visiting your home.
“Financial institutions will never ask you to transfer funds to another account for security reasons or retrieve your card for investigation,” the CAFC stresses.
If you suspect you’ve been targeted, report the incident immediately to local police and the Canadian Anti-Fraud Centre. Protecting your financial information and staying vigilant are key to avoiding these sophisticated scams.