The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was named as a partner in an Ontario Royal Canadian Mounted Police (RCMP) investigation that resulted in criminal charges against two Toronto residents accused of using caller ID spoofing to impersonate banks, government or police and defraud Canadian victims of millions of dollars, including through alleged laundering of proceeds. Investigators linked the activity to iSpoof.cc, a subscription service used by up to 38,000 subscribers worldwide to place unauthorized calls while displaying false caller ID information, and described the suspects as among the 50 most active subscribers globally. Search warrants executed on 19 February 2025 led to the seizure of electronic devices, with further analysis expected to identify additional victims beyond the at least 570 already reported. Charges include fraud, unauthorized use of a computer, laundering proceeds of crime, unauthorized possession of credit card data, and possession of proceeds of crime; the Canadian Anti-Fraud Centre separately reported 49,432 fraud reports in 2024 involving 34,621 victims and losses of $638,000,000. Both suspects were arrested and remanded and are scheduled to appear remotely before the Ontario Court of Justice on 21 February 2025.
Financial Transactions and Reports Analysis Centre of Canada 2025-02-20
Financial Transactions and Reports Analysis Centre of Canada supports Ontario RCMP cyber-fraud investigation that led to charges against two Toronto residents
FINTRAC is involved in an Ontario RCMP investigation charging two Toronto residents for using caller ID spoofing to defraud Canadians and launder proceeds. Linked to iSpoof.cc, they are among the top 50 global users. Search warrants uncovered electronic devices for further victim identification. Charges include fraud, unauthorized computer use, and possession of crime proceeds, with significant fraud activity reported in 2024.