Scam of the Week: The Bank Call That Isn’t Your Bank

The call feels urgent. “This is the fraud department at your bank. We’ve detected suspicious activity on your account. I need to verify your identity right now, or your account will be frozen.”

Your heart pounds. The caller ID even shows the bank’s name. It sounds exactly like the helpful person you’ve spoken to before.

It’s a scam — one of the most common in Canada.

How it works

The caller isn’t from your bank. They’re often in a call centre overseas, working from a script, using software that fakes the caller ID on your phone. Their goal is simple: panic you into handing over the keys to your money — your card number, your online banking password, or a “verification code” texted to your phone (which is really the code to reset your password).

Sometimes there’s a second act: “We’ve caught the fraudster — it’s an employee. Don’t tell anyone at the bank. A courier will come to collect your card as evidence.” The courier is part of the scam.

Three tells

1. Urgency plus secrecy. “Act now, and don’t tell anyone.” A real bank never asks you to keep a fraud investigation secret — from the bank.
2. They ask you for information. Your bank already has your account number. A caller asking for your full card number, PIN, or password is not your bank.
3. A code you must read back. If they ask you to read out a verification code texted to your phone — stop. That code is the key to your account, and you’d be handing it straight to them.

What to do instead — the 20-second version

1. Hang up. It’s not rude. It’s safe.
2. Find your bank’s number yourself — on the back of your card or the bank’s official website. Never call back a number the caller gave you.
3. Call and ask: “Did anyone from the fraud department just call me?” Most of the time, the answer is no.

The line to remember: Your bank will never rush you, and will never ask for your password or PIN by phone.