REGINA — Conexus Credit Union is issuing a warning for Saskatchewan residents selling items online. The last few months have seen a spike in fraud cases originating from scammers victimizing people in online marketplaces.
“We want to remind Saskatchewan residents to stay vigilant when selling items online,” says Mark Millham, Conexus’ Chief Risk and Compliance Officer. “We are seeing more fraudsters attempting to obtain banking credentials through online marketplaces. The strongest way to protect yourself against this scam is to set up autodeposit for Interac e-Transfer ® and to enable digital banking alerts.”
“The autodeposit feature helps protect you against financial loss as legitimate e-transfers are processed automatically.”
Digital marketplaces are more popular than ever. Unfortunately, this popularity also attracts fraudsters. These fraudsters are targeting people regardless of their financial institution.
How do these scams work?
Fraudsters use online trickery and social engineering to defraud their victims. A fraudster may respond to an online post, expressing interest in the item. They will then suggest purchasing items via e-transfer. The fraudster sends an email mimicking the e-transfer emails everyone recognizes. There will be slight differences in the email that are difficult to discern without close inspection.
More recently, fraudsters are also sending fake e-transfers through social media messaging platforms.
Protect yourself against this scam with autodeposit.
The strongest way to protect yourself against this scam is to set up autodeposit for Interac e-Transfer®. Without the possibility of fake e-transfer emails, legitimate e-transfers are processed automatically, reducing the risk of clicking on a fraudulent link or providing online banking credentials to bad actors.
More tips to buy and sell safely online
In addition to enabling autodeposit, here are some more tips to protect yourself when buying and selling online:
- Safeguard your banking credentials: Never enter your banking credentials anywhere except the Conexus Digital Banking Platform. Download the app or bookmark conexus.ca. Do not input your information into any link someone has sent you.
- Set up alerts: Real-time alerts through text message or push notification are a great way to continuously monitor account activity and stop fraud in its tracks.
- Be hypervigilant: Fraudsters are hunting for your banking credentials. They will manipulate so victims lower their guard. Watch out for pressure tactics, attempts to circumvent transaction processes, and avoid clicking links. Prompts for e-transfers never come through direct messages in social media platforms.
Conexus members who believe they may have been the victim of fraud or who encounter any fraudulent activity should contact Conexus and report the incident.
— Submitted by Conexus Credit Union
