Vancouver – Vancouver Police are warning the public following a sharp increase in sophisticated financial scams involving fraudsters posing as bank investigators.

“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.”

Since January 1, VPD has received 56 reports from people who have been victims of this scam and have lost over $1.2 million dollars combined.

Over the past two months, three major incidents have been reported, with combined losses totaling more than $685,000, including both cash and high-value assets such as gold bars.

On May 22, the victim received a call from a man claiming to be from Scotiabank. The caller ID was blocked. The victim disclosed personal banking information, which led to multiple unauthorized ATM withdrawals and a transaction at a gas station. The victim was subsequently locked out of her account and unable to access statements.

On May 29, VPD officers were called to assist an 83-year-old victim who was defrauded of $17,000 at her residence in the West End. The victim, experiencing early signs of dementia, had no recollection of providing her card and PIN to an unknown suspect.

On June 9, the victim was scammed by suspects impersonating RBC fraud investigators. The fraud involved a $65,000 cash loss and multiple gold bars valued at approximately $600,000. The investigation is ongoing, and police believe this is linked to a highly organized crime group, potentially 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,” adds 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.”

The suspect(s) in these cases has not been identified. The VPD’s Financial Crime Unit is working with regional and national partners to trace the suspects and track related activity.

Anyone with information about this scam is asked to come forward immediately. If it’s a crime in progress or if there is an immediate safety concern, please call 9-1-1.