The new phishing scam is targeting people in the early morning, when they are sleepy and potentially vulnerable.
Daniel Williams, a senior call-taker with the Anti-Fraud Centre, says the scam begins with a phone call early in the morning, between 5 a.m. and 7:30 a.m.
The caller claims to be from the victims' bank and says a credit card was used without authorization the previous evening.
Williams says because of the early hour, the victim will often volunteer information.
"The consumer lets them know who they bank with, then the suspects will read out the first few digits of the credit card which is standard for that bank, that credit card," he said.
Williams says the scammers then ask the victim for the next eight digits to confirm their identity. Once the scammers have the complete card number, they immediately use the information to make purchases on the account.
Williams says the phishing scam is quite successful, and that anyone who has been victimized should contact the police.