Police forces across the Greater Toronto and Halton areas are sounding the alarm after nearly 100 people have fallen victim to a highly convincing “bank investigator scam,” losing tens of thousands of dollars each.
The scam involves fraudsters posing as bank investigators who call victims, often using spoofed phone numbers that display official bank details. The scammers provide personal information — such as names, addresses, phone numbers, bank details, and even recent transactions — to build trust. Victims are then told their bank cards have been compromised and must be replaced immediately.
Kimberly Liew of Toronto received such a call in August from someone claiming to be from TD Bank. The caller appeared to know intimate details of her account and e-transfer contacts, convincing her that the situation was legitimate. She handed her bank cards to a supposed courier sent to her home, only to have $32,000 drained from her accounts shortly afterward.
“I literally went to my dad. I was crying. I called TD right away to say this is what’s happening,” she told CTV News.
In Oshawa, Meable Perez Ramirez received a similar call about her Scotiabank accounts. She handed over her cards to a “courier” and later discovered $20,000 missing. “Looking back, I don’t know if I would have done anything differently just because of how convincing it was,” she said, expressing disbelief that such a large withdrawal didn’t trigger fraud alerts.
Durham Regional Police first issued a warning last month after 41 victims were defrauded. Halton Regional Police followed with a similar alert in September, reporting 53 cases since the start of 2025.
Both TD and Scotiabank reiterated in statements that they would never send couriers to collect cards or request personal information by phone. TD advised customers to hang up immediately and call the number on the back of their card using a different phone line to verify any suspicious calls. Scotiabank emphasized that clients should never share PINs or account details with anyone.
Despite reporting the fraud promptly, neither bank reimbursed the losses suffered by Liew or Perez Ramirez, both of whom argue financial institutions need to do more to protect customers. “There needs to be more pressure put on banks for their role in this,” Perez Ramirez said. Liew added that the financial hit has derailed her plans to buy a home.
Authorities urge residents to stay vigilant: never share bank information or PINs, never hand over physical cards, and independently verify any claims by contacting your bank directly. Anyone targeted or defrauded should immediately report it to their bank, local police, and the Canadian Anti-Fraud Centre.