ONTARIO-The OPP is advising the public about Bank Investigator fraud, in which criminals impersonate financial institutions, law enforcement agencies, credit reporting bureaus, and online retailers in an effort to gain access to victims’ bank accounts and steal their money.
Victims may receive unsolicited telephone calls from individuals claiming to represent a financial institution. The caller advises that suspicious activity has been detected on the victim’s account following recent purchases at local businesses and claims that an urgent investigation is underway.
In a recent variation of this fraud, victims are directed to attend their financial institution and withdraw funds. They are then instructed to purchase gift cards from local retailers while remaining on the phone with the caller, who continues to impersonate a bank employee.
Once the gift cards have been purchased, victims are persuaded to provide the gift card numbers and redemption codes, allowing the fraudsters to immediately access and drain the funds. In some instances, victims are directed to deposit money into cryptocurrency ATMs and transfer funds directly to the fraudsters.
In 2025, Canadians reported losses exceeding $28 million to the Canadian Anti-Fraud Centre (CAFC) as a result of Bank Investigator Fraud.
Protect Yourself
The OPP reminds residents to take the following precautions:
- Do not trust caller ID. Fraudsters can spoof phone numbers to make calls appear legitimate.
- If someone claims to be from your financial institution, hang up and contact your bank directly using the telephone number on the back of your bank card or through the institution’s official website.
- Credit reporting agencies do not make unsolicited calls regarding account security concerns.
- Banks, government agencies, and police will never threaten arrest or demand immediate action over the telephone.
- Never provide remote access to your computer, tablet, or mobile device to an unsolicited caller.
- Police and financial institutions will never send someone to your home to collect bank cards, cash, gift cards, or other valuables.
- Never purchase gift cards or send cryptocurrency as part of a financial institution or law enforcement investigation.
If you believe you have been the victim of fraud or cybercrime, report it to the OPP at 1-888-310-1122 and the Canadian Anti-Fraud Centre (CAFC) through its online reporting system or by calling 1-888-495-8501.
