Last updated on February 25, 2025.

Chances are, you’ve experienced at least a few phishing scams in your day. Whether it’s a phone call, text, email, or direct message, these communications can be easy to brush off when they obviously aren’t from a legitimate source. 

But what happens when that source appears to be your financial institution? And what about when they’re so convincing that you don’t even question it? 

Terms like “bank inspector scam”, “spoofing fraud”, and “phishing scams” all refer to this exact issue—when fraudsters pose as representatives of your bank to gain access to our financial accounts and money. It’s an increasingly frequent concern affecting people across Canada, including one Chilliwack woman who reportedly lost $22,000 after someone called her posing as a bank security team member. 

So, what does bank inspector fraud actually look like? How can you spot it if and when it happens to you? With more and more of these instances occurring in recent weeks, let’s talk bank inspector fraud and how to prevent it. 

What bank fraud looks like.

Picture this: 

 A Vancity member named Natasha receives a call that appears to be from Vancity’s phone number. When she answers, she’s greeted by Max, who claims to be from the Fraud Department. Natasha feels a bit suspicious, but Max reassures her, explaining that she can Google search the phone number on her call display, and it matches Vancity’s legitimate Member Services Center contact number.

The set-up.

Max tells Natash that suspicious transactions have been detected on her account, and for security reasons, it’s been locked. He asks to send a text message with a link that will prompt her to enter her personal information to “verify” her identity. Natasha receives the text, clicks on the link and provides:

Full name, date of birth, social insurance number, address, BC driver’s license, Visa number, CVV and her verbal password.

After Natasha provides everything, Max reassures her that the “fraudulent” transactions have been blocked and that a new card will be mailed to her.

Once the call ends, things take a disturbing turn:

Using the personal information Natasha just provided, the fraudster was able to create a counterfeit passport and driver’s license in her name, apply for credit cards and open accounts at other banks. By the time Natasha realizes her personal information has been compromised, Max had disappeared with the funds, leaving Natasha to deal with the fallout of the bank fraud.

This is a perfect example of how fraudsters are exploiting trust and sophisticated tactics to access sensitive information and commit further fraudulent activities.

A few red flags of bank inspector fraud.

No matter how legitimate a communication may seem, if the person you’re speaking to asks for your personal or financial information, pressures you to act immediately, asks you for cash, or a payment of some kind (eg., prepaid gift cards or Interac e-Transfers®)—these are clear and red flags that could indicate fraud. If something feels off, take a moment to pause and verify before responding.

Plus, as technology advances, fraudsters refine their tactics with new tools like caller ID spoofing, which allows them to falsely display the phone number of a financial institution.   

According to the Canadian Anti-Fraud Centre, there were over 108,878 reports in 2024, with losses exceeding $638 million—and new scams and frauds emerge daily. But staying up to date with fraud prevention tips and building your security awareness are the best ways to help ensure you’re protected.

Our top 5 anti-fraud tips.

At Vancity, there’s nothing more important to us than our members and their safety. Please take a few minutes to review these anti-fraud tips for keeping your personal and financial information safe at Vancity.

1. We’ll never ask you for your password or security information over the phone.

Vancity representatives may contact you to verify activity on your accounts, but when we reach out, we’ll never ask for your banking passwords, access codes, or one-time passcodes by phone, email or text. This information is yours and should never be shared with anyone. If someone asks you for this information, end contact with them immediately. Shared your information already? Don’t panic. Give our Member Services Centre a call.  

2. When in doubt, call us back.  

Our websites and platforms may change over time, but we’ll always look like… well, us. You may have noticed, for example, that our Online Banking portal got a recent refresh. We want our members to stay vigilant when it comes to clicking links and logging in to Online Banking; we’ll always let you know if we’ve made platform changes. When in doubt, you can check our socials or visit the Learning Hub. You can even call us using the relevant phone number listed on the back of your MEMBER CARD® debit card or Visa* card, or on our Contact Us page.   

3. Read and click carefully.  

Beware of unexpected messages, spelling errors, attachments, and links. Avoid opening any attachments or clicking links from unknown or suspicious senders—and feel free to call us to confirm that an email or other Vancity communication is legitimate. Be wary of social media accounts posing as Vancity. If someone follows you, or messages you from an account that looks like Vancity, make sure it’s from one of Vancity’s official accounts. If someone contacts you on Vancity’s social media asking for personal details, ignore them. We will never contact you for banking information from our social channels. 

4. Don’t feel pressured or rushed.  

Fraudsters will often use high-pressure tactics to create a sense of urgency and make you feel intimidated, afraid, or rushed. If you feel pushed into making an immediate payment or disclosing personal information including banking access codes and passwords, for example, end contact immediately. 

5. If you know or suspect that fraud activity has occurred, contact us right away. 

Whether you think you may have been a victim of fraud, unauthorized online banking, or debit card transaction activity, we can help. Report the incident to us immediately—the earlier this kind of scam is reported to Vancity, the sooner we can provide support and protect your account.    

There’s no doubt that bank fraud can be deeply upsetting or even devastating for victims. But together, we can help keep you and your accounts safe. Whether you bank with Vancity or elsewhere, if you suspect you’ve been a victim of fraud, let your bank know immediately and report the incident to the Canadian Anti-Fraud Centre.   

®Interac e-Transfer is a registered trademark of Interac Corp. Used under license.  

®MEMBER CARD & Design are registered certification marks owned by Canadian Credit Union Association, used under license.  

*Trademark of Visa Int., used under license.