Guelph senior loses $800K to scammers pretending to be bank representatives

Police are warning people to be wary of fraud after a woman in Guelph, Ont., was scammed out of life savings totalling approximately $800,000.

The woman, in her 70s, contacted police Wednesday to report a scam that began in March.

She told police her computer "began making strange noises and flashing," and she called a phone number that popped up on the screen, said Guelph police release Thursday.

"She called that phone number, ends up speaking to someone that she believed was a representative of her bank," Guelph police spokesperson Scott Tracey told CBC News. "And that person informed her that her accounts have been compromised and essentially enlisted her to supposedly try to catch those who are responsible."

Over a series of phone calls, the woman was told to withdraw all funds from her account and deposit the cash into cryptocurrency ATMs.

She was also told to cash in her life insurance policies, and on three different occasions, she met with men near her home and handed over gold bars she had purchased.

Police say the victim was repeatedly told she would receive all the funds back once the bank had completed its investigation. After she didn’t hear anything for several months, she contacted police. The victim believes she lost approximately $800,000.

Police are urging anyone who receives a phone call, email or text which requires you to take immediate action to independently confirm whether the correspondence is legitimate.

"If a person claiming to be from your bank calls you and says, 'We need you to go and withdraw all your money and put it in the Bitcoin machine,' go to the bank, ask to speak to the manager," Tracey said. "In almost every case, the manager will say, 'No, that's not true.'"

Tracey said if someone is hearing about this scam and thinks they wouldn't fall victim to it, they need to think again.

"The scams are very sophisticated and unfortunately they're very good at what they do," he said, adding once the money is gone there's not much police or a bank can do.

Anyone who suspects they've been the victim of cybercrime or fraud should report it to local police and the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501. Even if no financial loss has been sustained, interactions can still be reported to the CAFC.