Police are advising the public to stay alert for scams after a woman in Guelph, Ont., was tricked out of her life savings, totaling around $800,000.
The woman, who is in her 70s, reported the fraud to police on Wednesday, explaining that it all started back in March.
She mentioned that her computer “began making strange noises and flashing,” prompting her to call a number that appeared on her screen, according to a statement from Guelph police released Thursday.
“She called that phone number and ended up talking to someone she thought was a representative of her bank,” said Scott Tracey, spokesperson for Guelph police, in an interview with . “That person told her that her accounts had been compromised and essentially got her involved in what they claimed was an effort to catch those responsible.”
Throughout multiple phone calls, the woman was instructed to withdraw all the money from her account and deposit it into cryptocurrency ATMs.
Additonally, she was advised to cash out her life insurance policies. On three different occasions, she met with men near her residence and handed over gold bars that she had purchased.
Authorities state that the victim was repeatedly assured she would get all of her funds back once the bank finished its investigation. After not receiving any updates for several months, she decided to contact police. She believes she lost about $800,000.
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Police urge anyone receiving a phone call, email or text requesting immediate action to verify whether it’s legitimate independently.
“If someone claiming to be from your bank calls you saying ‘We need you to go withdraw all your money and put it in the Bitcoin machine,’ go directly to your bank and ask to speak with the manager,” Tracey advised. “In almost every case, the manager will confirm that’s not true.”
Tracey emphasized that if anyone hears about this scam and thinks they wouldn’t fall prey to it, they should reconsider.
“The scams are very sophisticated and unfortunately they’re quite effective at what they do,” he remarked while noting that once money is lost there’s little law enforcement or banks can do afterward.
If you think you’ve been targeted by cybercrime or fraud, report it immediately to local authorities as well as through the Canadian Anti-Fraud Centre’s online reporting system or by calling 1-888-495-8501. Even if no financial loss has occurred, these interactions can still be reported to CAFC.
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