The Upper Ottawa Valley (UOV) Detachment of the Ontario Provincial Police (OPP) is currently investigating after a victim in the Petawawa area recently lost over $4,000 through the bank investigator scam.
In a bank investigator scam, fraudsters impersonate online merchants, bank staff, or law enforcement, claiming your account is compromised in order to pressure you into transferring funds – often via Bitcoin-to a “secure” account or digital wallet to protect your assets. They create artificial urgency, often instructing victims to use Bitcoin ATMs and to keep the “investigation” a secret.
How the Scam Works:
- The Approach: You receive an unexpected call, text, or email from someone claiming to be from your bank’s fraud department, your online merchant, or the police.
- The Hook: They inform you that fraudulent transactions have occurred and they are “investigating.”
- The Demand: To “protect” your money, you are directed to convert your cash into Bitcoin, often via a Bitcoin ATM.
- The Action: They may guide you to transfer funds to a QR code they provide or a “safe” wallet address.
- The Secrecy: They warn you not to tell bank staff, claiming they might be involved, which is a common tactic to prevent you from getting help.
It is not until the transfers are completed that the victim realizes there was never any compromise to their accounts.
Across Canada bank investigator fraud saw a 16.5 percent increase in victimization in 2024, making it one of the fastest-growing fraud types. According to the Canadian Anti-Fraud Centre (CAFC), bank investigator frauds represented $16.4 million in reported losses in 2024. It is estimated that only five to ten percent of victims report frauds to the CAFC or law enforcement.
Warning Signs – How to Protect Yourself
- Financial institutions or online merchants will never request you to transfer funds to an external account.
- If you get a call claiming to be from your financial institution, advise the caller that you will call them back. End the call and dial the number on the back of your bank or credit card from a different phone if possible or wait 10 minutes before making the outgoing call.
- Fraudsters use call-spoofing technology to mislead victims. Do not assume that phone numbers appearing on your call display are accurate.
- Never provide remote access to your computer or smart phone.
If you or someone you know is a victim of bank investigator fraud, contact your local police service and the Canadian Anti-Fraud Centre at 1-888-495-8501 (toll free) or report online at www.antifraudcentre.ca. You can also call Crime Stoppers at 1-800-222-8477 (TIPS) or report the incident online at www.valleytips.ca.
Recognize, Reject and Report Fraud
Peever,S.,OPP Upper Ottawa Valley Detachment(2026,Feb.5) BANK INVESTIGATOR SCAM SURFACES IN THE AREA [media release]