Police in Ontario, along with the Canadian Anti-Fraud Centre, are alerting the public about a growing scam involving fraudsters posing as bank investigators. The “bank investigator” scam is designed to deceive individuals into transferring funds under the guise of assisting with an “ongoing investigation” into their bank account.
How the Scam Works
Fraudsters will contact victims, pretending to be from a bank, the police, or an online retailer. They claim that the victim’s bank account is under investigation and ask for their assistance. The scam typically unfolds as follows:
- Initial Contact: The scammer will call, claiming to be conducting an investigation and requesting the victim’s help.
- E-Transfer Instructions: Victims are instructed to send an Interac e-transfer to their own cellphone number. The scammer provides detailed steps for adding the scammer as a payee and increasing the e-transfer limit.
- Transfer Details: The scammer gives the victim the e-transfer question and answer. Once the victim completes the transaction, the scammer requests a “code” from the e-transfer URL/link.
- Access to Funds: By obtaining this code, the scammer can then access the victim’s funds or, in some cases, the scammer may request login details, including two-factor authentication codes, to gain full access to the victim’s bank account.
Protect Yourself
To avoid falling victim to this or similar scams, follow these safety tips:
- Verify Requests: Financial institutions and police will never ask you to transfer funds to an external account or provide access to your bank card.
- Secure Your Information: Do not share details of links or URLs received via email or text messages. Avoid giving out codes received via text or email.
- Verify Calls: If you receive a call claiming to be from your bank, hang up and call the number on the back of your card or use a different phone. Wait at least 10 minutes before making the outgoing call to avoid potential call forwarding.
- Avoid Remote Access: Never give remote access to your computer or smartphone to anyone.
The Canadian Anti-Fraud Centre notes that such calls often occur early in the morning when victims may be less alert. If you suspect you’ve been targeted by this scam or any other, report it to the Canadian Anti-Fraud Centre online and notify your local police.
For more information on how to protect yourself from fraud, visit the Canadian Anti-Fraud Centre’s website.