Money just sent to a scammer? Call your bank first, then the Canadian Anti-Fraud Centre on 1-888-495-8501. What to do next

Quick answer and steps

Call from your bank's fraud department? How to spot the bank investigator scam

If a caller says they are from your bank's fraud team and asks you to read out a code, move money to a 'safe' account, buy gift cards, install an app or hand your card to a courier, it is a scam. Banks do not ask customers to help with investigations or to transfer funds for security. Hang up, wait a minute, and call the number on the back of your card, from a different phone if you can.

Last reviewed . Written by Jeyki Security, free to use and print.

This is one of the costliest scams in Canada right now. The Canadian Anti-Fraud Centre and police forces across the country have warned about it repeatedly, and single victims have lost hundreds of thousands of dollars over several calls.

How it usually goes

  1. Your phone rings, sometimes early in the morning. Caller ID may show your bank’s real name or number, because it can be faked.
  2. The caller says there is a suspicious charge on your card, or that someone is draining your account. They know your name and maybe your address or part of your card number.
  3. To “protect” you, they ask you to do one of these:
    • Read out a code that just arrived by text.
    • Move your money to a “safe” or “secure” account.
    • Send an Interac e-Transfer, sometimes to what they say is your own phone number.
    • Withdraw cash or buy gift cards and read out the numbers.
    • Install an app so they can “check” your computer.
    • Hand your bank card to a courier who will come to your door.
  4. They may pass you to a “police officer” or “investigator”, and tell you to keep it secret, even from staff at your branch.

What real banks do not do

  • Ask you to move money to another account for security.
  • Ask for your PIN, password or a one-time code.
  • Send a courier to collect your cards.
  • Ask you to help catch a criminal or keep a secret from bank staff.
  • Ask you to install remote access software.

What to do when the call comes

  1. Hang up. You will not get in trouble for it.
  2. Wait a minute, then call the number on the back of your card. Use a different phone if you can.
  3. Never read out a code that arrives by text, no matter who asks.
  4. Tell someone you trust. Scammers rely on secrecy.

If you already acted

  • Call your bank on the number on your card and say “fraud”. Ask them to freeze accounts and cards and to try to recall any transfer.
  • If you installed an app, turn the computer off and follow the remote access scam steps.
  • Report it to your local police and the Canadian Anti-Fraud Centre on 1-888-495-8501. See how to report a scam in Metro Vancouver for local numbers.
  • Ask Equifax and TransUnion for a free fraud alert if you shared personal details.

These callers sometimes also pose as police, the CRA or BC Hydro. The 60-second scam check works for all of them.

Common questions

Would my bank ever call me about fraud?

Yes, banks do call or text about suspicious charges. But a real fraud team will not ask for your password, PIN or a one-time code, will not ask you to move money to another account, and will not send someone to collect your card. If in doubt, hang up and call the number on your card.

The caller knew my name, address and card number. Doesn't that prove it's the bank?

No. Scammers buy personal details from data breaches. Knowing a few facts about you is part of the script to make you trust them.

They told me to call the number on the back of my card, and I did. Was that safe?

Only if the first call had truly ended. On some landlines the scammer can keep the line open, so you end up talking to them again. Wait a minute after hanging up, or better, use a different phone.

They said not to tell anyone at my branch because staff are involved. Is that real?

No. This is a known part of the scam, designed to stop you hearing the truth from someone who would warn you. Tell your branch and your family.

I gave them a code or moved money. What now?

Call your bank immediately on the number on your card and say the word fraud. Ask them to freeze your accounts and cards. Then report it to your local police and the Canadian Anti-Fraud Centre on 1-888-495-8501.

Sources

  1. CAFC bulletin: bank investigator scam, Financial and Consumer Services Commission (New Brunswick)
  2. Nearly 100 Ontarians fall victim to bank investigator scam, CTV News (October 2025)
  3. 'Bank investigator' fraud: what it is and how to avoid it, CTV News
  4. Report cybercrime and fraud, National Cybercrime and Fraud Reporting System

Worried a parent would fall for this call?

In a scam defence session I role-play this exact call with them, set up a family safe word and turn on spam call filtering. It is a flat C$149, in-home in Metro Vancouver or by video.

See the scam defence session