The Toronto Police Service is warning residents about a surge in telephone banking scams that are targeting individuals across the city, resulting in significant financial losses.
Scammers are pretending to be bank representatives and employing sophisticated tactics to deceive people into divulging their banking details, including debit and credit card information.
The scam typically starts with a deceptive phone call appearing to be from the victim’s bank. The caller, posing as a fraud department official, claims that the victim’s accounts are compromised.
Victims are coerced into verifying sensitive data such as passwords and PINs. They are then instructed to place their cards in an envelope for collection by a courier, supposedly for further investigation.
The fraudsters exploit a rideshare app’s parcel delivery service to have a driver unknowingly collect the envelope and drop it off at a neutral location like a gas station or street corner, where an accomplice retrieves it.
Subsequently, scammers swiftly empty victims’ accounts through e-transfers, cash withdrawals, and purchases until the bank intervenes or the victim detects the fraud.
Police emphasize that financial institutions never solicit PINs or passwords over the phone or dispatch couriers to retrieve cards.
“These emergency calls aim to instill panic and urgency,” stated a police spokesperson. “If you receive such a call, end the conversation immediately and contact your bank directly using an authentic number.”
Authorities recommend individuals who have disclosed personal or financial information to alert credit agencies like TransUnion or Equifax to monitor their accounts for any suspicious activity.