Photo Credit: OPP
Ontario Provincial Police in the Upper Ottawa Valley are investigating after a resident of the Petawawa area lost more than $4,000 in what officers describe as a “bank investigator” scam.
Police say victims of this type of scam are typically contacted by fraudsters impersonating bank staff, online merchants or law enforcement officials, who falsely claim the victim’s account had been compromised. The suspects pressure victims to move funds to what they describe as a secure account, often using cryptocurrency such as Bitcoin.
In these scams, victims are frequently instructed to use Bitcoin ATMs and are told to keep the supposed investigation confidential. Police say the secrecy is intended to prevent victims from seeking help from bank employees or others who might recognize the fraud.
According to investigators, victims typically only realize they’ve been scammed after the transfers are completed, and it becomes clear their accounts were never compromised.
Police say bank investigator fraud is one of the fastest-growing types of fraud in Canada. The Canadian Anti-Fraud Centre reports a 16.5 per cent increase in victimization in 2024, with reported losses totalling $16.4 million nationwide. Authorities estimate that only five to 10 per cent of fraud victims report incidents to police or the anti-fraud centre.
OPP are reminding the public that financial institutions and online merchants will never ask customers to transfer money to external accounts. Police also warn that fraudsters often use call-spoofing technology, making phone numbers appear legitimate on call displays.
Residents are advised to hang up if they receive an unexpected call claiming to be from a financial institution and to call back using the number on the back of their bank or credit card. Police also caution against providing remote access to computers or smartphones under any circumstances.
Anyone who believes they have been a victim of bank investigator fraud is urged to contact their local police service and the Canadian Anti-Fraud Centre at 1-888-495-8501 or report the incident online. Tips can also be submitted anonymously through Crime Stoppers.
Police continue to encourage the public to recognize, reject and report fraud.
(Steve Berard)
