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$400,000 Fraud Investigation in Toronto Identifies Suspects

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Toronto police are still investigating a $400,000 fraud and were able to retrieve security camera images of the suspects. They are currently asking for the public?s help for these suspects to be identified.

You Could Be The Key

Following the police?s release of the suspects? security camera photos, the authorities are asking the public?s help in identifying the suspects so that they could be found. The two suspects are involved in a $400,000 fraud investigation.

Two suspects are being sought out by the police ? a man and a woman. The woman allegedly entered a financial institution in late June using false identification. She then proceeded to transfer more than $400,000 from an account info another account. The man allegedly went into another financial institution a few days later using fake identification as well. He accessed the account to which the funds were transferred to and used the money to buy a large amount of gold, the police shared.

No one knows who both suspects are and the police have published their images in the hopes of getting leads that can identify the suspects. You may place an anonymous call to Crime Stoppers by calling 416-222-8477 or calling the police in charge of the investigation at 416-808-5100 if you have any information that can help the investigation.

Fraud Prevention Matters

A fraud of the magnitude described in the case above could have been thwarted by having several control measures that prevent can prevent someone from using a false identity and also prevent someone from transferring large values without another identification verification. Perhaps even something as simple as two-factor identification. ?Below are other bank fraud prevention ideas we have for safer banking.

  • Use a double or triple checking system ? because identity fraud is quite common, it would be best to use double or triple checking for transactions above a certain amount. For instance, even after someone has provided an ID, call their phone number on record to ensure they are who they say they are.
  • Use two factor notification ? a simple text or email to verify the person?s identity goes a long way in preventing fraud. Something like this should be protocol for transaction that involve a considerable amount of money, like above $100,000 or perhaps above $50,000.
  • Have stricter protocol for identity verification ? ask for a few proofs of identification for smaller transactions, say above $10,000.
  • Don?t be afraid to stall suspicious transactions- criminals would often bail out of a tricky situation so saying that the transaction will have to take some time while the bank ?approves? it or that a manager will have to approve it can be enough to discourage a scam artist.
  • Seek professional help ? if you feel that your bank or business can benefit from more bank fraud prevention measures, seek the help of fraud specialists or a private investigator who can help you identify your weaknesses and plan ways to address them.

Do you know of any information that could be helpful for the investigation of this case or any other fraud case? Don?t hesitate to contact us or the proper authorities to help put an end to fraud.

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