In a heartbreaking tale of deception, a Canadian couple from Brantford, Ontario, found themselves victims of a sophisticated online scam, losing their life savings despite a prior warning from their bank. This devastating cyber fraud wiped out over $1 million Canadian dollars, equivalent to approximately $715,000 in US currency.

The couple, both in their 70s, shared their ordeal with CTV News, expressing the profound impact of their loss. “It was money that we invested over our lives,” they recounted. “It was money that we inherited. It was money from the sale of our house. It was money we were going to leave our son.”

The scam unfolded with a seemingly innocuous pop-up alert on their computer screen, which quickly spiraled into a nightmare. “I couldn’t get rid of it. I tried control-alt-delete, and it wouldn’t go away,” the woman explained, describing the initial encounter that led them down a perilous path.

This case serves as a stark reminder of the ever-present dangers lurking online, emphasizing the need for vigilance in an increasingly digital world. Despite their bank’s foresight in warning them about potential fraud, the couple still fell prey to the malicious scheme, underscoring the sophistication and persistence of cybercriminals today.

The scam started with what looked like a simple pop-up warning on the couple’s computer screen.

‘I couldn’t get rid of it. I tried control-alt-delete and it wouldn’t go away,’ the woman said. 

‘It wouldn’t turn off.’

The alert came with a phone number, which the couple called. 

The scam started with what looked like a simple pop-up warning on the couple’s computer screen (stock photo)

The couple, from Brantford, Ontario, lost more than $1million Canadian dollars, or about $715,000in US dollars, due to the cyberfraud (stock photo)

They were then told that their financial future was in peril because of some nefarious actors.

The man recalled that he was told his SIN number, the Canadian equivalent of a Social Security number, ‘had been compromised and was being used for money laundering by a criminal organization that was involved in child pornography, human trafficking and drugs.’

Little did the man know he was speaking to the criminals themselves.

Over the next five months, the scammers posed as the Canadian Anti-fraud Centre, Royal Canadian Mounted Police and even the country’s Treasury Department.

They told the couple that their bank accounts remained in danger and instructed them about how to keep their money safe.

The seniors were told to remove the money from their bank accounts and send it to the scammers, who would protect their earnings and then return it to them after the  investigation.

They were also directed to buy gold bars and deposit their cash in a Bitcoin machine.

As the demands poured in, the couple checked with their bank.

The couple was told to remove the money from their bank accounts and send it to the scammers, who would protect their earnings and then return it to them after the investigation (stock photo)

They were also directed to buy gold bars and deposit their cash in a Bitcoin machine

‘Our financial advisor warned us, she said this sort of sounds like fraud,’ the woman recalled.

Regardless, the couple pressed ahead and told the bank they were purchasinggold as an investment.

Ultimately, their losses totaled $900,000 CAD (about $643,400 USD) in gold bars and $110,990 CAD (about $79,345 USD) in Bitcoin.

The scammers then cut the elderly couple off completely after stealing their money.

‘We’re devastated,’ the man said. 

‘It sounds very foolish that somebody would do something like this, but it was the trust that was built up over five months.’

The victims are not alone in their despair.

Bank fraud has exploded by about 300 percent in Canada since 2020, according to the Canadian Anti-Fraud Centre.

Bank fraud has exploded by about 300 percent in Canada since 2020 

Last year, more than $638million CAD (about $456.1million USD) was stolen in scams across the country.

The country’s government said older Canadians get targeted more than others in what can also be called ‘grandparent scams.’

Typical online scams include alleged problems with bank accounts or tax returns, as well as deceptively named email accounts posing as known people or companies.

The total number of fraud victims in Canada is likely underreported, police said, as many feel ’embarrassment’ and ‘shame’ upon being defrauded.

Covering all forms of fraud, more than $2billion CAD (about $1.4million USD) has been stolen from Canadians since 2021.

The most common methods are identity fraud, service scams such as home maintenance services and deceptive investments like crypto or ‘pump and dump’ schemes.