Toronto police announced that 12 people have been arrested facing 102 charges related to an investigation into a major credit card fraud scheme.

The charges were announced today, Monday, as police provided an update on the investigation into synthetic identity fraud known as Project Déjà Vu.

David Coffey, investigator in the financial crimes unit, stated that synthetic identity fraud is a form of financial fraud where personal information is used to open accounts in financial institutions and other companies.

He added that police began the investigation in October 2022 after a financial institution contacted officers and discovered several fake accounts. Coffey believes that most of these accounts were opened by someone who previously worked on behalf of the institution.

He also mentioned: It is alleged that the perpetrators of this scheme, which began in 2016, created over 680 fake identities, many of which were used to apply for and open hundreds of bank accounts and credit accounts at various banks and financial institutions across Ontario.

He went on to say: "Withdrawals were then made from the fraudulently obtained credit accounts through in-store or online purchases, or cash withdrawals."

Coffey noted that they have confirmed losses of around $4 million so far, and confirmed that twenty search warrants have been executed as part of the investigation.

He added: “Through the search warrants, police seized dozens of synthetic identity documents and electronic templates for creating forged identities and counterfeit documents.”

He pointed out that police confiscated hundreds of debit and credit cards, along with approximately $300,000.