You asked: Why is the INTERAC e-Transfer Security Question important, and how do I create one that is effective?
We matched that to: Why is the INTERAC e-Transfer Security Question important, and how do I create one that is effective?
The Security Question is important because it is used to authenticate the recipient of the transfer.
If the recipient has not set up Autodeposit on the email or mobile number used for the transfer, a Security Question and Answer must be created by the sender and the recipient must correctly answer the Security Question to receive the funds.
If the question cannot be answered correctly, the sender will be notified via email, the recipient will not be able to collect the funds and the funds will be deposited back into the senders bank account.
The following guidelines should be used when creating a strong security question and answer:
DO select a question and answer that is a shared secret between you and the recipient. It must be kept confidential at all times.
DO contact the recipient over the phone or in person to ensure s/he knows the answer and the correct spelling of the word.
DO make the answer hard to guess. Keep in mind it may be between 3 and 23 letters and/or numbers in total. Special characters, such as @, #, $ cannot be used.
DON'T select a question that can be answered by 'Yes' or 'No'.
DON'T select a question that can be answered by doing research, such as a recent news event, sports event, geographic location, family name or names of relatives, birthdate etc.
DON'T select a question where the odds are that it could be correctly answered with a few guesses
DON'T include the Security Question and/or Answer in the 'Message' field of the 'Send Money' transaction
DON'T communicate the Security Question and/or Answer electronically (e.g. email, text, social media, etc.).
DON'T use the same Security Question and Answer for all your recipients
FAQs
What is the purpose of the Security Question? The Security Question plays a key role in the security of your Interac e-Transfer. It is used to ensure the identity of the recipient (the person receiving the money), and protect the transfer from being intercepted by someone other than the intended recipient.
How to create a strong Interac e-Transfer security question? ›
DO make the answer hard to guess. Keep in mind it may be between 3 and 23 letters and/or numbers in total. Special characters, such as @, #, $ cannot be used. DON'T select a question that can be answered by 'Yes' or 'No'.
What is a good security question for an e-transfer? ›
Examples of good security questions
| Effective Security Question | Rationale |
|---|
| What was the make and model of your first car? | The question asks for precise and specific details. |
| In what city or town did your parents meet? | This is a personal detail. And since there are many potential answers, it's harder for people to guess. |
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Interac e-Transfer Autodeposit lets you receive money without the need to answer a security question
- Sign in to Online Banking. ...
- On the Pay Bills & Transfer Funds page, on the right-hand side in the box labelled Related Services, select Register for Interac e-Transfer Autodeposit.
How To Create And Add A Recipient
- Go to the Transfer Money tab.
- Select e-Transfer Recipient List.
- Select Add a Recipient.
- Enter the following: ...
- Click Continue.
- After verifying that the recipient's information is correct, click Save Recipient.
- Your new entry can be found by selecting e-Transfer Recipient List.
Benefits of Interac e-Transfer®
- Fast. Recipients are typically notified by email or text message within one minute3 of an Interac e-Transfer® transaction.
- Convenient. Send or request money using EasyWeb or the TD app4, to anyone with an email address or mobile number and a Canadian bank account2,5.
- Secure. ...
- Intelligent.
Here are examples of some common security questions:
- In what city were you born?
- What is the name of your favorite pet?
- What is your mother's maiden name?
- What high school did you attend?
- What was the name of your elementary school?
- What was the make of your first car?
- What was your favorite food as a child?
Security questions are meant to help reset passwords, reopen locked accounts, and ultimately protect your digital spaces from attacks or breaches, but such safeguarding is widely considered flawed and unreliable .
How do you create a strong security question? ›
The best security questions and answers are safe, memorable, consistent, specific and unpredictable.
- Safe: Ensure that the answer to your security question is confidential and cannot be easily guessed by others. ...
- Memorable: You should be able to recall the answer to your security question without writing it down.
Cybersecurity in Banking is the practice of protecting sensitive information and systems in the banking sector from unauthorized access, disclosure, disruption, modification, or destruction. Cybersecurity measures can help to prevent cyberattacks, such as phishing, sniffing and data breaches.
If the question cannot be answered correctly, the sender will be notified via email, the recipient will not be able to collect the funds and the funds will be deposited back into the senders bank account.
What if I forgot the security question on Interac? ›
If you have forgotten the answer to the security question, please confirm the correct answer with the sender and try again. If you have exceeded the attempts to answer correctly, the transfer is no longer available for deposit.
What is the daily limit for Interac? ›
There are also hourly and daily limits: For any 24-hour period, you can send up to $3,000. For any 7-day period, you can send up to $10,000. For any 30-day period, you can send up to $30,000.
Does Interac e-Transfer work in the US? ›
Interac e-Transfer is not available in the United States but it is possible to send money from a Canadian bank to the U.S. via Interac's partnership with MasterCard and Western Union.
How to set up security questions for etransfer? ›
It must be one word only, and between 3 and 23 alphanumeric characters in length. Special characters such as %, &, $ cannot be used. DON'T select a question that can be answered by 'Yes' or 'No'.
Can you do Interac e-Transfer internationally? ›
You can send money internationally in for easy steps: Log In: Log in to online or mobile banking. Select “Send Money” > International: Select the recipient's destination and banking information.
Can you send an Etransfer without a security question? ›
If the recipient has not set up Autodeposit on the email or mobile number used for the transfer, a Security Question and Answer must be created by the sender and the recipient must correctly answer the Security Question to receive the funds.
Are e-transfer security questions case sensitive? ›
You are responsible for a smart security question
Must be between 6 – 25 characters. Must not contain special characters (i.e. $, #, @, &, etc.). The answer is not case sensitive and both letters and numbers are accepted.
How to e-transfer without security question rbc? ›
If the sender uses an email that you've registered for Autodeposit, the transfer is processed immediately and cannot be reversed. In this case, a security question and answer will not be necessary, as funds are immediately withdrawn from the sender's account and deposited into your account.
