Barrie Police warn residents as sophisticated scams continue to evolve

Bank investigator scams remain one of the biggest fraud threats facing Canadians, with criminals becoming increasingly skilled at convincing victims to hand over sensitive banking information, according to a Barrie Police fraud investigator.

Detective Constable Neil Peterson, who has spent more than six years investigating fraud between Barrie, Toronto and Ontario Provincial Police assignments, says the volume and complexity of scams continue to grow.

"There are a lot of customers. A lot of customers, a lot of different scams, and new ones every day," Peterson told Barrie 360..

Fraudsters are constantly changing their tactics, he added, making it difficult for police, financial institutions and the public to stay ahead of emerging threats.

"They are good at what they do, they're constantly evolving, and just as we think we have one of them beat, they'll give it a few twists and turns and send it right back at us and create a whole new pool of victims."

Listen below to our interview with Detective Constable Peterson

Bank investigator scam among biggest concerns

Peterson says one of the most common frauds currently affecting Canadians is the so-called "bank investigator scam."

In these cases, scammers pose as representatives from a victim's financial institution and often have enough personal information to appear legitimate. They may know a victim's name, phone number, address, or even where they bank.

The goal is to create a sense of trust before convincing victims to provide sensitive information or surrender their debit or credit cards.

"I can promise you the police and the banks will never ask for your pin number," Peterson said. "So as soon as that comes up in conversation, that should be the only red flag that you need not to proceed with that."

The information used by scammers may come from phishing attempts, but Peterson believes large-scale data breaches are also playing a significant role.

"Big companies, government agencies are being hacked, information, the customer profiles and employee profiles are being stolen," he said.

Why scams keep working

One of the biggest challenges, according to Peterson, is that scammers are skilled at manipulating emotions.

Whether it's a grandparent scam claiming a loved one is in trouble, a fake bank investigation, or a call about a suspicious credit card charge, fraudsters frequently create urgency, fear, or confusion to pressure victims into acting before they can think critically.

As public awareness grows around one scam, criminals simply adjust their story.

"The grandparent scam becomes the bank investigator scam," Peterson said. "They give the story a few twists, the plot line a few twists, and they come right back."

Seniors often suffer some of the largest financial losses, although Peterson notes that may be partly because older adults generally have accumulated more assets over their lifetime.

Protecting yourself

Peterson's advice is straightforward: slow down and verify.

If an unexpected call claims to be from a bank, police service, or government agency, residents should hang up and contact the organization directly using a trusted phone number.

"Don't be afraid to say I'll call you back," he said.

He also recommends letting suspicious calls go to voicemail and avoiding answering unknown numbers whenever possible.

For family-related scams, Peterson suggests asking questions that only a real relative could answer. Details about family pets, siblings, or shared memories can help expose imposters without relying on pre-arranged code words.

He also encourages residents to use unique passwords, two-factor authentication, and authentication apps wherever available.

"The fact that all these companies and our businesses are doing that tells me that they believe it's necessary, and so I believe it's necessary too," Peterson said.

What to do if you've been targetted

Anyone who believes they may have been targetted by a fraudster should act quickly.

Peterson encourages victims or potential victims to contact police for advice and report incidents through the online reporting systems now used by many Ontario police services, including Barrie Police.

He also points residents to the Canadian Anti-Fraud Centre, which collects fraud reports and shares information with law enforcement agencies across the country.

Above all, Peterson says taking a moment to pause before acting can prevent costly mistakes.

One of the sayings used in the fraud unit is "take five, tell two" - a reminder to stop, think, and consult a trusted friend, family member, or police officer before making a decision involving money or personal information.

"I don't think you can [be too careful], unfortunately," Peterson said.