Toronto police arrest 12 people, lay 102 charges in major credit card fraud scheme
Toronto police say 12 people are facing a combined 102 charges in connection with an investigation into a major credit fraud scheme.
The charges were announced Monday as police provided an update on Project Déjà Vu, a probe into what investigators described as “synthetic-identity fraud."
Det. David Coffey, of the Financial Crimes Unit, said synthetic-identity fraud is a form of financial fraud in which fictional personal information is used to open accounts at financial institutions and other businesses.
He said police initiated the investigation in October 2022 after officers were contacted by a financial institution that located several synthetic accounts. Coffey said it is believed that most of those accounts were opened by a person who previously worked on behalf of the company.
“The perpetrators of this scheme, which began in 2016, are alleged to have created more than 680 unique synthetic identities, many of which were used to apply for and open hundreds of bank accounts and credit accounts at various banks and financial institutions across Ontario,” Coffey said.
“The fraudulently obtained credit accounts were then drawn upon by way of in-store and online purchases, cash withdrawals, or electric fund transfers.”
Police have released a photo of what they say are synthetic-identity documents seized during a fraud investigation. (Toronto Police Service handout)
He said in some cases, fraudulent payments were made to the accounts to allow the perpetrators to draw from them beyond their defined limits.
Coffey said police have so far confirmed about $4 million in losses.
Twenty search warrants were carried out as part of the investigation, he added.
“Through the search warrants, TPS has also located and seized several dozen synthetic identity documents and electronic templates to create false identifications and false documents,” Coffey said.
He noted that hundreds of debit and credit cards were also seized, along with about $300,000 in Canadian and foreign currency.
“This isn’t just about fraud,” Coffey told reporters. “Accounts obtained under synthetic identities are known to facilitate other serious criminal offences including the laundering of proceeds derived from human trafficking, drug trafficking, and armed robbery, among other serious crimes.”
He said while financial institutions have their own security procedures to prevent fraud, sometimes they are not always effective.
“All financial institutions have security parameters in place in order to minimize the damages to them. The fraudsters are really smart. They are advancing with technology. The identification is very convincing,” he added. “It often does get caught at the financial institutions but it doesn’t always get caught.”
He said he believes there are more suspects and victims that police have not yet identified and the investigation is ongoing.
“We assume there are more victims just because of the number of identities,” Coffey said. “We encourage any of them to reach out to us.”
CTVNews.ca Top Stories
BREAKING Serial sexual offender linked to unsolved 1970s homicides of four Calgary girls, women
An investigation into unsolved historical homicides from the 1970s has linked the deaths of two girls and two young women in and around Calgary to a now-deceased serial offender.
Scottie Scheffler isn't the first pro golfer to be arrested during a tournament
Scottie Scheffler's arrest hours before his second-round tee time at the PGA Championship in Louisville, Kentucky, will go down as one of the most shocking in professional golf history. It certainly wasn't the first, though.
NEW What a wildfire survivor says she regrets not grabbing before leaving home
Carol Christian had 15 minutes to evacuate her home during the Fort McMurray wildfires in 2016. She ended up losing the house and everything inside. Now, she wants to share the lessons she learned.
Woman with liver failure rejected for a transplant after medical review highlights alcohol use
For nearly three months, Amanda Huska has been in an Ontario hospital, part of it on life support, because of severe liver failure. Her history of alcohol use is getting in the way of her only potential treatment: a liver transplant.
Canadian convicted of attacking Nancy Pelosi's husband with a hammer sentenced to 30 years
The man convicted of attempting to kidnap then-U.S. House Speaker Nancy Pelosi and attacking her husband with a hammer was sentenced Friday to 30 years in prison.
World No. 1 golfer charged with police officer assault before PGA Championship second round
World number one golfer Scottie Scheffler was arrested and charged with the assault of a police officer in what he called a 'chaotic situation' before being released in time to start his second round at the PGA Championship on Friday.
Australia's richest woman seeks removal of her portrait from exhibition
Art is subjective. And while many artists long to share their work with the world, there's no guarantee that the audience will understand it, or even like it.
B.C. optometrist warns against trending eye colour change procedure
A medical procedure that can permanently change a person's eye colour may be trending on social media, but a B.C. optometrist is warning about the significant risks associated.
An airplane passenger was spotted in an overhead bin. This was the reaction
Airplane overhead compartments. Home to luggage of all shapes and sizes, the odd coat or two, several duty-free bags, a fair bit of dust and… passengers?