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What to do if you’re the victim of e-Transfer fraud


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At Meridian, we do everything we can to make sure our Members know how to avoid common scams like e-Transfer fraud. When it comes down to it, though, anyone can fall prey to a scam - no matter how careful or tech-savvy they are. That’s why we also work very hard to identify the signs of fraud and help our Members recover. Here’s a quick guide to what happens if you’re the victim of an e-Transfer scam.

Notification

When we have reason to believe that you are a victim of fraud, our Fraud Management team will reach out to help. For example, if there are suddenly a lot of e-Transfers coming out your account and you don’t usually send them, that could be considered a red flag.

When an investigator from our Fraud Management team reaches out, they will introduce themselves to you and assure you that they aren’t going to be asking you for any confidential information (a common sign on phone scams). They will discuss your recent transactions with you to determine if there are any that you did not authorize.

Note: You don’t have to wait for Meridian to contact you. If you suspect someone has cracked your password, or if you suspect any loss, theft or unauthorized use of your account, contact Meridian immediately at 1-866-592-2226.

Identification

The investigator will also help you determine how the fraudulent e-Transfers occurred. For example, they may ask whether you have received any odd emails that asked you to follow a link. This is a very common method for compromising the security of an email account, since it doesn’t require you to enter any information. Once you click the link, malware is downloaded onto your device so that it can look for key information like the login details for your bank accounts.

Identifying the source of the unauthorized transactions will help you avoid similar frauds and scams in the future. Here are 3 key rules to remember:

  • Do not follow links in emails.

  • If you are unsure about the email, contact the sender another way to verify the communication.

  • If you do follow a suspicious link, run anti-virus software and take your device to a trusted technician for cleaning.

Recovery

If our investigator determines that you are in fact the victim of an e-Transfer scam, they will instruct you to contact Transunion and Equifax to get an alert put on your file. That way, you will be notified if a fraudster tries to apply for credit or open accounts in your name.

The investigator can also help you reset your online banking password, submit a fraud claim so that you can be reimbursed, and provide suggestions for improving your digital security.

Helping you to recover your money is just one part our job - the rest of it is making sure that you feel confident and secure.

Learn more about protecting yourself

How to create a strong password
How to spot and avoid phishing scams
How to prevent e-Transfer fraud

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