Police across Ontario are warning residents about a fast-growing “bank investigator” scam that has already defrauded nearly 100 victims out of hundreds of thousands of dollars — and the real number may be even higher.
The scam involves fraudsters impersonating bank employees and sending couriers to victims’ homes to collect debit or credit cards under the guise of investigating fraudulent activity. Victims are often tricked into handing over their cards and PINs, or even withdrawing cash to “assist” in the investigation.
Durham police have reported 41 victims so far, while Halton police have recorded 53. In Ottawa alone, close to $400,000 has been stolen. In one case, a Hamilton man lost $27,000 after receiving a spoofed call that appeared to be from the number on the back of his bank card. A Puslinch woman lost $14,000 in a similarly sophisticated scheme.
Here’s how the scam typically unfolds:
- The victim receives a phone call from someone claiming to be a bank investigator, complete with a fake name and employee number.
- The caller warns of suspicious activity and instructs the victim not to speak to branch staff, often citing a “corrupt employee.”
- The scammer arranges for a courier to pick up the victim’s card at home, sometimes instructing them to cut it in half but leave the chip intact to appear legitimate.
- In some cases, victims are also told to withdraw large sums of money to hand over for “verification.”
Authorities stress that banks and police will never ask for your bank card, send a courier to collect it, or request your PIN or passwords over the phone. Caller ID can’t be trusted, as fraudsters often use call-spoofing technology to display official-looking numbers.
How to protect yourself:
- Hang up and call your bank back using the number on the back of your card — ideally from a different phone or after waiting 10 minutes.
- Never give out your PIN or passwords over the phone.
- If someone comes to your door claiming to be from your bank, refuse entry and call the bank directly.
- Report any suspicious calls to local police and the Canadian Anti-Fraud Centre (1-888-495-8501 or online at services.rcmp-grc.gc.ca).
Officials emphasize that anyone can fall victim to scams like this — and reporting your experience can help others avoid becoming the next target.