Police warn of rising bank fraud and phishing schemes

Law enforcement agencies in Canada and Portugal are issuing warnings regarding sophisticated fraudulent schemes targeting bank customers.

In Toronto, the Toronto Police Service reported approximately 17,000 fraud complaints since the beginning of 2026. Detective David Coffey of the Financial Crimes Unit noted that one in six cases involves impersonation schemes, which have resulted in losses exceeding $50 million. Criminals are increasingly using artificial intelligence to make scams more convincing by utilizing personal data, such as names and partial card numbers, to build trust and create a sense of urgency.

In Portugal, the Polícia Judiciária (PJ) has alerted the public to phishing messages sent via email. These fraudulent communications use official bank logos and visual elements to appear legitimate. The messages often threaten account restrictions or the loss of banking features to manipulate victims into providing sensitive information. Authorities advise individuals to verify the sender's email domain and to avoid clicking suspicious links, instead confirming any requests through official banking channels.