‘Piggy banks for them:’ Police crack down on fake Ontario bank accounts

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Fraud News

Financial Fraud,Toronto Police,Canada

Toronto Police say they have cracked down on a scheme where hundreds of bank accounts with fake names were opened by one person.

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“The synthetic identities can be used to create essentially piggy banks for them,” Coffey said. “They are applying for credit cards. They are applying for lines of credit. They are opening bank accounts which they can funnel money in and out of.”He alleges the IDs used, such as permanent resident cards and Ontario driver’s licences, were fraudulently manufactured.

The fraudulently obtained accounts were then drawn upon by way of in-store and online purchases, cash withdrawals or e-transfers, Coffey said.Story continues below advertisement

Financial Fraud Toronto Police Canada Crime

 

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