The Toronto Police Service (TPS) is sounding the alarm over a sharp rise in telephone banking scams that have already cost victims across the city thousands of dollars.Investigators say fraudsters are posing as bank employees, using increasingly sophisticated tactics to trick residents into handing over their personal banking information and, in some cases, their physical debit and credit cards.According to police, the scheme begins with a spoofed phone call that appears to come directly from a victim’s bank. The caller claims to be from the institution’s fraud department and warns that the victim’s accounts have been compromised.Victims are often asked to confirm sensitive information, including passwords and PIN numbers. They are then instructed to place their debit and credit cards into an envelope, which a courier will supposedly collect for “further investigation.”“Calls like this are designed to create panic and urgency”Police claim that the fraudsters use a rideshare app’s parcel delivery service to dispatch a driver, who unknowingly picks up the envelope and drops it at a neutral location such as a gas station or street corner.An accomplice, often concealing their identity, retrieves the package.Related:Man warning others after falling victim to e-transfer text scam through KijijiGTA resident speaks out after being duped by fraudulent Canada Post textOnce in possession of the cards and PINs, scammers quickly drain accounts through e-transfers, cash withdrawals, and purchases until the bank suspends the account or the victim realizes something is wrong.Investigators stress that banks will never ask for PINs or passwords over the phone and will not send couriers to collect cards.“Emergency calls like this are designed to create panic and urgency,” police said in a statement. “If you receive such a call, hang up immediately and contact your bank directly using a verified number.”Authorities are also urging anyone who has already provided personal or banking details to contact credit agencies such as TransUnion or Equifax to monitor their accounts for suspicious activity.