Beware of phony e-transfers

By James Langton | July 9, 2020 | Last updated on July 9, 2020
1 min read
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Incoming e-transfers appear to be the latest tool in the fraudsman’s bag of tricks, police are warning.

According to an alert from New Brunswick’s Financial and Consumer Services Commission (FCNB), the RCMP is investigating several instances of apparent fraud involving phony e-transfers.

Police reported that victims have received emails that appear to be e-transfers, but the links to accept the transfer actually give fraudsters access to the recipient’s bank accounts and credit cards.

Consumers are advised to report any similar frauds to local police and to monitor their accounts for unauthorized purchases or bank transfers.

The warning comes as e-transfers have become an increasingly popular method of payment with Canadians.

Earlier this month, a report from the Bank of Canada found that the use of e-transfers was on par with cash transactions this year — its research found that 38% of Canadians use e-transfers and 36% use cash.

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James Langton

James is a senior reporter for and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.