The “Bank Investigator” Scam: A Phone Call That Can Empty Your Account
If you get a call saying your bank account was “compromised” and the caller claims to be a bank fraud investigator, slow down. This scam is spreading across Ontario and has led to major losses, including more than $1 million reported in Halton Region in a single year, and hundreds of thousands in the Ottawa area.
How the scam works (step by step)
Scammers often sound professional and calm. They may use:
Caller ID spoofing so the number looks like your bank.
A claim that fraud was detected or your account is at risk.
Pressure to “help with an investigation” and sometimes to keep it secret.
Then they try to get one of these:
Your PIN, password, or one-time verification code (MFA code).
Your physical bank card, often through a “courier” pickup.
Remote access to your computer or phone so they can “verify” transactions.
A common trick is telling people to cut the card in half but not damage the chip, then hand it to a courier. The chip still works, and the scammer can still use the card.
The biggest red flags
If any of these happen, it is almost certainly a scam:
You are asked for a PIN, password, or one-time code.
Someone wants to pick up your bank card at your home - often claiming they will send a courier or postal service to collect it.
They ask you to install software or give remote access.
They pressure you to act immediately, or threaten consequences.
What to do if you get this call
Use this simple plan:
Hang up. Do not argue. Do not explain.
Call your bank using the number on the back of your card (not a number the caller gives you).
Check your accounts for any transactions you did not make, including lines of credit.
If you already shared information or handed over a card
Act fast:
Call your bank immediately to freeze cards and accounts and stop transfers.
Change passwords for your email and banking (email is especially important because it can reset other accounts).
Report it to local police and the Canadian Anti-Fraud Centre (online or by phone).
Remember:
“Scammers win when you act fast. You win when you pause and check. Always take your time - and if you’re unsure, talk to someone you trust before making a decision.”