The Ontario Provincial Police is warning residents about a fraud scheme in which scammers impersonate banks and other trusted organizations to gain access to victims’ finances.
Police say the scam, known as “Bank Investigator Fraud,” involves fraudsters posing as representatives of financial institutions, law enforcement agencies, credit reporting bureaus or online retailers. Victims typically receive an unsolicited phone call claiming suspicious activity has been detected on their bank account and that an urgent investigation is underway.
The OPP says a recent variation of the scam instructs victims to visit their bank and withdraw money before purchasing gift cards from local retailers while remaining on the phone with the caller, who continues to pose as a bank employee.
Once the gift cards have been purchased, victims are persuaded to provide the card numbers and redemption codes, allowing scammers to immediately drain the funds. In some cases, victims are also directed to deposit cash into cryptocurrency ATMs and transfer the money to the fraudsters.
According to the Canadian Anti-Fraud Centre, Canadians reported losses of more than $28 million from Bank Investigator Fraud in 2025.
The OPP is urging the public to remain cautious and verify the identity of anyone claiming to represent a financial institution or government agency.
Police remind residents not to rely on caller ID, as fraudsters can spoof legitimate phone numbers. Anyone receiving a suspicious call claiming to be from their bank should hang up and contact the institution directly using the phone number on the back of their bank card or through its official website.
The OPP also notes that credit reporting agencies do not make unsolicited calls about account security, while banks, government agencies and police will never threaten arrest, demand immediate action over the phone, send someone to collect cash or valuables from a home, or instruct people to purchase gift cards or send cryptocurrency as part of an investigation.
Anyone who believes they have been the victim of fraud or cybercrime is encouraged to report it to the OPP by calling 1-888-310-1122 and to the Canadian Anti-Fraud Centre through its online reporting system or by calling 1-888-495-8501.
Written by Steve Berard
