VPD warns of 'sophisticated financial scams' as victims lose $1.2M | Daily Hive

VPD

Vancouver police are warning the public to stay vigilant as reports of sophisticated financial scams involving fraudsters impersonating bank investigators have seen a sharp rise.

According to a release from VPD, the department has received 56 reports from people victimized by the scam. Combined, the financial losses have totalled over $1.2 million.

“These recent cases show a disturbing trend where vulnerable people are being exploited by highly organized and deceptive criminals,” says Constable Tania Visintin. “We urge the public to stay alert, protect their personal information, and contact police if they suspect fraudulent activity.”

Tim Townley/Shutterstock

VPD shared details of three major incidents that have been reported over the past two months. The combined losses in those incidents total over $685,000 and include cash and high-value assets like gold bars.

The first victim received a call on May 22 from a man who claimed to be from Scotiabank. The caller ID was blocked.

Personal banking information was disclosed, resulting in several unauthorized ATM withdrawals and a gas station transaction, and the victim was locked out of her account.

Later the same month, on May 29, officers were called to help an 83-year-old victim with early signs of dementia. The victim was defrauded of $17,000 at her West End residence, and she had no recollection of giving her card and PIN to an unknown suspect.

Margarita Young/Shutterstock

The third victim was scammed on June 9 by suspects posing as RBC fraud investigators. Police believe that the fraud, which resulted in a $65,000 cash loss and gold bars valued at around $600,000, is part of a “highly organized crime group” possibly operating from Eastern Canada.

“Investigators believe these scams are part of a wider, well-coordinated operation using high-pressure tactics and sophisticated deception to manipulate victims,” added Constable Visintin. “No legitimate financial institution will ever ask for your PIN, full account number, or instruct you to transfer or surrender funds under threat.”

Investigations are ongoing in the cases as the suspects have not yet been identified. VPD also announced that its Financial Crime Unit is working with regional and national partners to locate the suspects and track related activity.

Anyone with information about the financial scams is asked to come forward and to call 911 for crimes in progress or immediate safety concerns.

You might also like:

Want to stay on top of all things Vancouver? Follow us on X