Waterloo Regional Police are warning the public about an ongoing fraud scam involving suspects posing as representatives from banks and credit card companies.

In reported incidents, victims receive phone calls from individuals claiming to be from their bank or credit card provider. The caller advises the victim that a suspicious or compromised transaction has been detected on their account and requests that they verify their card information.

To make the call appear legitimate, suspects are using spoofing technology that causes the phone number displayed on the victim's caller ID to appear as though it is originating from their financial institution.

After obtaining information from the victim, the fraudsters arrange for a courier to attend the victim's residence to collect the supposedly compromised bank or credit card. The stolen cards are then used to make fraudulent purchases.

Waterloo Regional Police would like to remind the public that legitimate banks and credit card companies will never send a courier to retrieve a compromised card and will not ask customers to disclose sensitive account information during an unsolicited phone call.

To protect yourself from becoming a victim of this scam, police recommend:

• Do not provide banking, credit card, PIN, or personal information to anyone who contacts you unexpectedly.
• Do not rely solely on caller ID, as phone numbers can be spoofed.
• If you receive a call claiming to be from your financial institution, hang up and contact the institution directly using the phone number listed on the back of your card or on the organization's official website.
• Never provide your bank or credit card to a courier or unknown individual.
• Regularly monitor your accounts for unauthorized transactions.

Anyone who believes they may have been targeted by this scam is encouraged to contact their financial institution immediately and report the incident to Waterloo Regional Police at 519-570-9777.