Fake e-transfer scam targeting residents in Ontario [Video]

Post-holiday expenses leave many watching their wallets, but scammers are on the prowl, posing as banks and tricking victims into handing over e-transfer details or authentication codes to access accounts and commit fraud.

According to the Canadian Anti-Fraud Centre, a trusted source for identifying and alerting the public to emerging scams, fraudsters are now posing as financial institutions to lure victims into sending e-transfers to their own accounts under the guise of “protecting” their funds.

Fraudsters also compromise multi-factor authentication by persuading victims to share verification codes sent via text or email. These codes, intended to secure accounts, can be used by scammers to bypass protections and gain full access to the victim’s bank profile.

Adding to the deception, scammers often spoof financial institution phone numbers or provide fake call-back numbers to appear legitimate. Some even have personal information, such as names, addresses or debit card numbers, to build trust.

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