Toronto police warn of surge in ‘bank investigator’ telephone scams draining victims’ accounts

The Toronto Police Service (TPS) is sounding the alarm over a sharp rise in telephone banking scams that have already cost victims across the city thousands of dollars.

Investigators say fraudsters are posing as bank employees, using increasingly sophisticated tactics to trick residents into handing over their personal banking information and, in some cases, their physical debit and credit cards.

According to police, the scheme begins with a spoofed phone call that appears to come directly from a victim’s bank. The caller claims to be from the institution’s fraud department and warns that the victim’s accounts have been compromised.

Victims are often asked to confirm sensitive information, including passwords and PIN numbers. They are then instructed to place their debit and credit card