Ontario senior employee loses $16,500 to fraud by bank investigator

A senior employee in Ontario says he lost thousands of dollars to a scam earlier this year in which someone pretended to be an employee of his bank.

“My mom believed it was a call from CIBC and she helped them investigate,” Kendra Hickton, who helped her mother Ellen fight the bank fraud case, told CTV News Toronto.

An Oakville senior employee said he received a call one morning in January of this year from someone claiming to be investigating a fraudster at his bank.

“He said, 'I'm calling from CIBC to tell you that your account has been compromised,' and as soon as he said that, I went into panic mode. My brain froze. I was terrified,” said Ellen Hickton. said.

Ellen Hickton said she wanted to help and followed his instructions on the phone, which included withdrawing money from her bank account, buying thousands of dollars in gift cards and investing thousands in Bitcoin.

“He said he's going to put money in your account. It's not your money,” said Ellen Hickton.

Ultimately, he sent the scammers $16,542 of his own money in the form of gift cards and bitcoin.

“No one at the bank alerted me when I was withdrawing this money,” said Ellen Hickton.

His daughter, Kendra, said the incident was “very sad” and scary.

“He's a high school student, he doesn't have a lot of money, and this could have a life-changing effect on him.”

A CIBC spokesperson told CTV News Toronto that scams impersonating trusted organizations are on the rise and can affect anyone.

“We are working with the client to look into this matter, but we never ask a client to help us investigate fraud or send us money via cryptocurrencies, gift cards or electronic funds transfer,” the statement said.

“This scam teaches victims to misrepresent the bank when asked about the purpose of the transaction. That's why it's always important to be open when talking to your bank about withdrawing, paying or transferring money, because once you've authorized the transaction, it's processed. If you're suspicious, end the call and check your card or web Contact the bank using the official phone number on the back of the site.”

David Burns, an associate professor at the University of Toronto and Canada's Adult Abuse Prevention Research Chair, told CTV News that criminals in Toronto target older Canadians with this type of scam because they are more confident and more willing to help.

“Fraudsters are adapting their scams and scams to target different groups of people, including seniors,” Burns said. “Unfortunately, in most cases it's very difficult to get their money back.”

To avoid being scammed, don't feel pressured to make a quick decision, and if you're bothered by strange calls, contact your financial institution directly.

Ellen Hickton said she was shocked that her money could be gone forever.

“This is my bank. I told them that you will look for me and protect me,” he said.

It's important to talk to family and friends for signs of a scam call, text or email.

For security reasons, the bank will never ask you to transfer money, and you should never allow an unknown caller to access your computer remotely.