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By Jason Heath, CFP on March 27, 2025
Estimated reading time: 5 minutes

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Equifax

By Jason Heath, CFP on March 27, 2025
Estimated reading time: 5 minutes

Fraudsters can exploit victims through text, email and other means. What are your options if that happens?

We have been defrauded of over $20,000 by someone who was able to make unauthorized e-transfers from our bank accounts. The bank has recovered a small portion of them, and it has refused responsibility for any more. I am at level three of the complaint process, and I am wondering how to proceed?

Do I need a lawyer now, before filing the new complaint?

My home insurance doesn’t cover anything. I have contacted the credit bureaus and I’m making a police report.

—William

Sorry to hear about this situation, William. Any fraudulent activity in your financial accounts can be unnerving. But knowing someone was able to access your bank accounts directly is really intrusive.

Interac e-Transfer is generally a safe way to send money in Canada. “For every $100 spent across the Interac ecosystem, approximately $0.03 was lost to fraud in 2023,” according to Interac.

Regardless, fraud happens. E-Transfer fraudsters generally use text or email channels to exploit victims. Some examples of fraud in Canada include:

If the fraudsters were able to........

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