On September 29, 2019, the CBC released an article detailing fraud issues that users were having with e-transfers. While the e-transfer system can use modernization and updates, including not using email, there are steps that users can take to protect themselves.
Three necessary steps are below:
1. Protect your email
Use a unique password that you have not used anywhere else.
The password should be at least ten characters.
The password must not include your name, the name of the service, or words that you may expect others to associate with the account. For example, including "MSJ" in my passwords would be a horrible idea.
Enable two-factor authentication. Consider switching providers if your service does not offer two-factor authentication.
2. Enable auto-deposit for e-transfers
Enabling auto-deposit for e-transfers removes the requirement to share passwords and communicate random words.
3. Notify clients of acceptable payment forms
All contracts and invoices should clearly state the accepted payment methods.
For e-transfers, list the email addresses that you accept for e-transfers.
These steps, along with ongoing client communication, will help protect your payments and keep your hard-earned dollars secure.