Scam: Latest Bank Phone Trickery
Scams targeting Canadians are growing more sophisticated, with one particularly dangerous tactic on the rise: phone scams where fraudsters try to trick you into giving them your two-factor authentication (2FA) code or one-time passcode (OTP). These scam calls or texts often pretend to be from trusted institutions like your bank or credit card provider, creating a false sense of urgency — claiming there’s suspicious activity or a blocked transaction on your account.
But this is a scam. Legitimate banks and credit unions in Canada — including TD, RBC, Scotiabank, CIBC, and National Bank — have all publicly stated that they will never ask for your 2FA code, password, or login details over the phone, by text, or by email. If you receive a call or message asking for a code you just received, it’s almost certainly a scam attempt.
These scams work by triggering a real 2FA code to your device — usually because the scammers already have your username and password — and then calling you to urgently request that code. If you share it, they gain full access to your account.
