CEO Message
November 6, 2020

Dear members,

I like to use my CEO message as an opportunity to explain why Synergy makes some of the decisions it does to help our members have a better understanding. Particularly around the COVID-19 pandemic.

Today, I am going to take a slightly different path and talk about the increase in the ways people are using digital – now more than ever.

An unfortunate side-effect of increased digital usage is the bad guys, or as I like to call them - bad actors, who have ramped up their efforts. We are seeing an increase in fraudulent attempts over this past year.

At Synergy, we have always taken the security of members finances first and foremost. Your money is secure with us. But (and this is a big one), you play a crucial role in ensuring that your money is secure.

There are several ways you can do this, and I encourage you to check out the how to practice safe banking on our website.

In addition to practicing safe banking, it is also important to know about the numerous fraud techniques those bad actors are playing. There are additional steps you should take to help reduce exposure to fraud attempts.

For tips on fraud prevention, you can check out our Blog.  

One tool, I would like to highlight is INTERAC® e-Transfer. It is an increasingly common tool our members are using and there are some best practices we suggest:

  • Exercise caution when it comes to sending or receiving money.
  • Only send money to people you know and trust, just as you would cash. An INTERAC e-Transfer transaction cannot be reversed once a recipient has deposited the funds.
  • Always use a strong password that cannot easily be guessed or found – and make sure you share it via a safe, and different channel.
  • Better yet: Suggest that your recipient set up INTERAC e-Transfer Auto-deposit for ease and added security.

One point I would like to emphasize is the security question. Too often in the news we hear stories where the transfer is sent to the wrong email address or intercepted by a fraudster who has hacked an email address and the scammer is able to easily answer the question. Do not ask questions such as:

  • What month is my birthday?
  • What is my daughter’s name?
  • What team do I cheer for?

For many of us, those answers can be easily answered with a quick search of our
social media feed.

Create a unique question and send it to your recipient by another channel, like a text message if you are sending the transfer by email, and ensure it is kept confidential. It might be an extra step, but it is one that can help ensure your money ends up where you intended it.

Thank you for your continued flexibility as we navigate through this pandemic in the safest and most efficient way possible. Our members have been understanding of the situation and we are grateful for it.

As always, drop me a note if you have any questions.
Glenn


®Trademark of Interac Inc. Used under license.


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