Toronto police arrest 12 people, lay 102 charges in major credit card fraud scheme

Toronto police say 12 people are facing a combined 102 charges in connection with an investigation into a major credit fraud scheme.

Toronto police say 12 people are facing a combined 102 charges in connection with an investigation into a major credit fraud scheme.

The charges were announced Monday as police provided an update on Project Déjà Vu, a probe into what investigators described as “synthetic-identity fraud."

Det. David Coffey, of the Financial Crimes Unit, said synthetic-identity fraud is a form of financial fraud in which fictional personal information is used to open accounts at financial institutions and other businesses.

He said police initiated the investigation in October 2022 after officers were contacted by a financial institution that located several synthetic accounts. Coffey said it is believed that most of those accounts were opened by a person who previously worked on behalf of the company.

“The perpetrators of this scheme, which began in 2016, are alleged to have created more than 680 unique synthetic identities, many of which were used to apply for and open hundreds of bank accounts and credit accounts at various banks and financial institutions across Ontario,” Coffey said.

“The fraudulently obtained credit accounts were then drawn upon by way of in-store and online purchases, cash withdrawals, or electric fund transfers.”