New Bank Investigator Scam Targeting Canadians

The Canadian Anti-Fraud Centre is warning Canadians about a new twist on the bank investigator scam. Fraudsters pretend to be from financial institutions, claiming that your bank account has been compromised.

How the Scam Works

Scammers will tell you that to protect your account until a new debit card is issued, you must send an Interac e-transfer to your cellphone number. They’ll walk you through the steps to add yourself as a payee and even advise you to increase your daily transfer limit to $10,000 (this limit may vary depending on your bank).

The scammer will provide a security question and answer for the transfer. After you send the e-transfer, they’ll ask for a “code,” which is the last part of the Interac e-transfer link. If you give them this code, they can deposit the money into their own account.

In some cases, scammers will have some of your personal information, such as your name, date of birth, phone number, address, or debit card number, to make the call seem legitimate. They may also spoof your bank’s phone number or provide fake call-back numbers that appear to be from your bank.

Other Variations of the Scam

Automated Calls

You may receive an automated call claiming to be from your bank, law enforcement, or even Amazon, stating that there have been fraudulent transactions on your account. Scammers will ask for access to your computer to "investigate" and may show you a fake transaction on your online banking. They’ll ask you to send funds as part of the investigation, tricking you into transferring money to them.

Multi-Factor Authentication Bypass

If scammers have your debit card number and password but can’t access your account due to multi-factor authentication, they’ll call you pretending to be your bank and ask for the authentication code sent to you via text or email. Giving them this code will give them full access to your account.

Warning Signs – How to Protect Yourself

Call Spoofing

Don’t trust caller ID. Phone numbers that appear on your display may not be accurate.

Call Back Safely

If someone calls claiming to be from your bank, tell them you’ll call back. Use the number on the back of your debit card, and if possible, use a different phone or wait 10 minutes before calling.

Protect Your Links and Codes

Never share links or codes received via text or email with anyone. These are often multi-factor authentication codes that can give scammers access to your account.

Card Information

Scammers may know the first few digits of your card number, which is common to many cards from the same bank. Don’t be fooled by this.

Previous Breaches

If your information was compromised in the past, scammers might use it to make their communication seem legitimate.

No Remote Access

Never grant remote access to your computer. It doesn't matter what they tell you, or what account they claim needs immediate attention, never give someone remote access.

No Fund Transfers

Banks or merchants will never ask you to transfer funds to an external account for security reasons.

Protect Your Card

Banks or police will never ask you to hand over your bank card or come to your home to pick it up.

Enable Auto-Deposit

This feature adds an extra layer of security to your Interac e-transfers. Learn more tips and tricks for protecting yourself.

Report Suspicious Activity

If you suspect you’ve been a victim of fraud, report it to your local police and the Canadian Anti-Fraud Centre at 1-888-495-8501 or through their online reporting system. Even if you haven’t lost money, report the incident to help protect others. You can also report a scam here at ScamAdviser.com

This article is published in collaboration with the Canadian Anti-Fraud Centre.

Image source: Unsplash.com