Fraudsters often pose as bank employees in order to seem legitimate to potential victims, according to the Canadian Anti-Fraud Centre.
Many of these scams are designed to get you to respond to questions or requests that a bank would never ask, such as:
- A request for personal information
When you call your bank to ask a question or to perform a service, the bank employee on the other end of the phone may ask you some personal details to confirm your identity before providing you with services.
But they’ll never call you and ask for information like your debit PIN or online banking password. If someone does, hang up and call the number on the back of your bank card. They’ll also never send someone to your home to pick up your physical debit or credit cards.
- Keeping a secret for your bank
Some frauds involve scammers talking their target into sending money. To avoid intervention, scammers will sometimes instruct you not to tell branch staff why you’re moving money. They may even provide you with a phony cover story to tell branch employees, like sending money to a family member overseas.
Always be honest with branch staff—they’re your bank's first line of defense in helping to protect your money.
- Pressuring you to do something or threatening to cancel your services
Messages purporting to be from your bank prompting you to click on a link or perform an action are red flags. Be especially cautious if there’s a specific period of time for you to complete it or else “your money will be lost or your account frozen.”
- Asking you to help with an investigation
One of the more common scams is known as “the bank investigator scam.” The fraudster claims there’s a joint law enforcement investigation into frauds committed by employees at your bank branch and they need your help to catch them. When you provide your banking information to help, the fraudster uses it to access your accounts.
- Purchasing gift cards
In a number of scams, the scammer will pose as an employee from your bank—sometimes through a caller ID-spoofed phone number—and ask you to purchase gift cards on their behalf to help them out of a made-up situation.
- Requesting access to your computer
Your bank will never ask you for remote access to your device. If you receive a call from someone who says they are from your bank and they need you to download software onto your computer for any reason, hang up the phone.
How can you protect yourself from a scam?
Stay informed: Some free services, like TD Fraud Alerts, can send you a text message if there’s suspicious activity detected on your credit or debit card.
Enable two-factor authentication: This offers a higher level of security for your online profiles. You may have to check each of your apps’ settings to enable it.
Get educated: The Canadian Anti-Fraud Centre can help you learn more about common fraud scams so you can avoid them. You can also learn more at td.com/protectyourself.