Victims lose $250,000 in ‘bank investigator’ scam in Ottawa

Ottawa Police headquarters on Elgin St. is seen in this undated photo. (CTV News Ottawa)

The Ottawa Police Service is looking to identify two suspects in connection to a so-called “bank investigator” scam that has cost victims $250,000.

Police say officers with the Organized Fraud Unit continue to investigate a “series of sophisticated frauds involving suspects posing as bank fraud investigators.” To date, victims have been defrauded of approximately $400,000.

On Tuesday, police asked for the public’s help to identify two suspects believed to be responsible for “multiple incidents” connected to the scam, with $250,000 stolen. Investigators released photos of two suspects.

Police say the fraudsters contact victims by phone, using a spoofed caller ID to impersonate banks or financial institutions.

“Posing as bank investigators, they claim the victim’s accounts have been compromised,” police said.

According to police, once trust is established with the victim, the scammers will request sensitive banking information such as PINs and passwords. Investigators say the suspects will then instruct victims to leave their bank cards in a designated location for a “courier” to collect.

“After retrieving the cards, the scammers rapidly withdraw funds or make large purchases before the fraud is discovered,” police said.

Anyone with information is asked to contact the Ottawa Police Service’s Organized Fraud Unit at 613-236-1222, ext. 5492.

Fraud cases on the rise: police

For the past several years, the frequency of fraud cases has been steadily on the rise, putting a strain on investigators.

“Every day there’s a new scam so, we’ll figure out one scam and then another scam pops up,” said Det. Shaun Wahbeh from the Ottawa Police Service Organized Fraud Section.

“No police force in Canada has enough resources to tackle everything. So, we all work together for certain projects, but we don’t have enough people.”

Across Canada, roughly $648 million was reported to the Canadian Anti-Fraud Centre as lost to fraud in 2024.

However, it’s likely the true amount is much greater.

“We only estimate that we get five to ten per cent of reports of what’s actually out there so it’s only a very small sample,” said Jeff Horncastle, client and communications outreach officer with the Canadian Anti-Fraud Centre.

“In reality, it is billions of dollars that is lost to fraud.”

It’s an issue the Canadian Banking Association (CBA) is well aware of.

“There are so many things that we are seeing in fraud trends that can be stopped if you take the time to think and read about it,” said Nathalie Bergeron, a spokesperson for the CBA.

“If anybody is trying to pressure you into action, take a moment. Take their name, their number and call back your financial institution directly.”

With files from CTV News Ottawa’s Austin Lee