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Is Interac e-Transfer safe?

Posted on: November 20, 2012 | Author: Staff

Interac e-Transfer is a way to send money to someone else electronically without sharing banking information. As long as the recipient has a Canadian bank account, all you need is their name, email address, and a security question that they will be able to answer.

Learn more about how Interac e-Transfer works

Because Interac e-Transfer is a relatively new online service, you may have some concerns about the safety of using this tool to send money. Here are 5 reasons Interac e-Transfer is a safe money transfer option.

  1. No money is actually sent through email.

    Interac e-Transfer notices are sent by email, but those are just the notices—no financial information or money transfer details are included in those emails. In order to complete the transaction, the recipient will have to click on the link within the email, log into their secure online banking site, and correctly answer your security question. By creating a security question that only your recipient would know, you will ensure that nobody else can deposit that money.

  2. Your banking information is kept private.

    Unlike writing a cheque or setting up a traditional money transfer, you don't need to share your banking information to send or receive an Interac e-Transfer. That banking information is processed within your normal online banking account and the secure Interac e-Transfer system.

  3. You don't have to log into a separate system.

    Your Interac e-Transfer transaction starts and finishes within a secure online banking account, so no additional log-ins are required.

  4. Interac is a trusted financial services provider.

    You've probably used Interac debit machines to withdraw money or pay for products. With Interac e-Transfer, you can rely on the same high security standards and encryption technology.

  5. Your Interac e-Transfers are covered by a security guarantee.

    At ATB, our Online Security Guarantee states that we will reimburse you 100 per cent for any money you lose as a result of unauthorized Interac e-Transfers. Your responsibility is to keep your online banking username and password safe, and to create a security question that very few people (ideally, only your recipient) would know.

    Learn more about protecting yourself from scams and fraud

For these reasons, you can trust that Interac e-Transfer is a safe and secure way to send money. Learn more on our Interac e-Transfer page or try it out in ATB Online.

Other articles you may be interested in:

5 reasons to use Interac e-Transfer
Is mobile banking safe?
4 ways to simplify your finances
 

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