Montreal police say bank fraud schemes yield nearly $1M, 6 suspects arrested

Montreal police have arrested six individuals in connection with two fraud schemes that reportedly caused nearly one million dollars in losses to approximately 50 victims. Authorities are urging the public to stay alert to potential scams and recognize warning signs of fraud.

The arrests followed seven raids conducted in Montreal, Sainte-Julie, and Carignan in the Montérégie region. Those taken into custody include five men, aged 19 to 33, and a 22-year-old woman. Police say the schemes involved impersonating bank representatives to deceive victims into handing over their bank details and funds.

How the Fraud Schemes Worked

In the first scheme, a scammer posing as a bank representative would call a victim, claiming a fraudulent transaction had occurred in another province. The victim would then be instructed to cut their bank card in half—ensuring the chip remained intact—and place the pieces in an envelope. The fraudster would also request the victim’s PIN and provide a fake reference code to write on the envelope. A legitimate delivery company, uninvolved in the scheme, was then sent to collect the envelope and deliver it to the suspects.

The second scheme involved convincing victims to transfer their money to a "new" account with the same bank. The scammer would guide the victim through logging into their online banking and setting up the account. Once the transfer was complete, the fraudster would access the funds using the confirmation details.

Raids and Arrests

During Wednesday’s operations, police seized three firearms. Two additional raids had been conducted earlier in the investigation. Four suspects were scheduled to appear in court the same day, while the remaining two were released with a promise to appear at a later date. Authorities anticipate more arrests as the investigation progresses and encourage anyone with information to contact their local police station or call 911.

Preventing Fraud: Tips from Police

To help the public avoid falling victim to similar scams, police shared the following advice:

• Don’t trust caller ID alone. Fraudsters can manipulate apps to display the names of financial institutions.
• Hang up and call back. Always verify the legitimacy of a call by contacting your bank directly. Avoid sharing personal information over the phone.
• Resist pressure tactics. Scammers often create a sense of urgency to push victims into acting quickly.
• Consult someone you trust. Share what happened with a family member or a trusted individual before taking any action.
• Reach out to your bank or police. When in doubt, visit your bank in person, call their official number, or contact local authorities. If the situation is an emergency, call 911.

Montreal police continue to investigate and urge vigilance to prevent further victimization.