Protect yourself from bank impersonator scams

Fraudsters will call you pretending to be from your bank and notify you that there’s an issue that needs your attention or fraudulent activity on your account. They may ask you for your personal and banking information, as well as the one-time verification code. Never give out a verification code for a request you made as it’s for your use only.

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What you need to know

A one-time verification code (OTVC) is an extra layer of security to confirm a transaction that you are completing.
If you receive a call from someone claiming to be from CIBC and are suspicious, please disconnect the call immediately and contact us.
Never give your personal or financial information to people you don't know, including your bank account and credit card details, codes, passwords, PINs, and SIN.

Video: Bank impersonator scams (3:10)

Learn the red flags associated with OTVC deception and how to protect yourself.

Transcript Opens in a new window.

What’s a bank impersonator scam?

In a bank impersonator scam, fraudsters trick you into sharing a one-time verification code to access your account or approve unauthorized transactions.

How bank impersonator scams work?

Fraudsters phish personal information and login credentials. They will then call pretending to represent your bank.
On this call, they will inform you that there has been suspicious activity or fraud on your account. They will ask you to share the 6 digit One-Time Verification Code you received from CIBC as part of securing your account. This code could be used to access your account or approve unauthorized transactions.

Warning signs of a bank impersonator scam

You are asked to provide your personal or banking information that the bank has on file for you.
You receive a one-time verification code for a transaction or account change that you did not request.
You are asked to provide a one-time verification code as part of the account recovery process.

Stay safe with our tips

CIBC may send you a message explaining the purpose of your request along with a 6-digit code for you to enter to confirm your transaction. Always read the full message carefully.
Never give your personal or financial information to people you don't know, including your bank account and credit card details, passwords, PINs and SIN.
CIBC or a government agency will never contact you to ask for your personal or banking information. That information is already on file.
Don't rely on caller ID. Fraudsters may disguise their identity using a legitimate organization's name and phone number.
If you receive a call from someone claiming to be from a legitimate company, always ask to call them back on their official phone number. Find phone numbers from sources such as the back of your card, an official website or old statements.

Learn more about bank impersonator scams

Canadian Anti-Fraud Centre Opens in a new window.

Report fraud when it happens and track the latest data on fraud in Canada.

The Little Black Book of Scams Opens in a new window.

Download the Canadian Competition Bureau's guide to scams in 8 different languages.

Canadian Bankers Association Opens in a new window.

Read about the latest news and trends in fraud awareness and prevention.