An elderly West Vancouver resident is "enduring a financial nightmare" after being defrauded of more than $800,000, police say.
The victim, whom police are not identifying, began receiving calls earlier this year from people who claimed the senior's credit had been exposed to fraudulent activity.
After several calls, the scammers instructed the victim to contact a second person they identified as a bank fraud investigator, police say.
"The scam artists claimed an investigation was underway into individuals at the victim’s personal bank and that personal assets should be moved to a bank in another country for safekeeping," police said in a statement.
By the time the elderly resident realized they had been a victim of fraud, they had already transferred over more than $800,000.
The victims bank hasn't been able to reverse the transfers.
"The scam has resulted in loss of most of the victim’s life savings," investigators said. "West Vancouver Police Victim Services are working closely with the victim and family members."
The West Vancouver Police's Major Investigations Team has taken over the case and has been in contact with authorities in Toronto, where five other victims have lost a combined $5.1 million to similar scams.
Police are reminding the public that a bank would "never advise someone to transfer funds to external accounts for security reasons."
Anyone who receives a suspicious phone call is advised to hang up and call the police.
Those who care for any vulnerable people are encouraged to make sure their patients' finances aren't susceptible to fraud.
