West Vancouver police are warning the public to hold onto their money after an elderly resident lost his life savings to fraud artists posing as bank inspectors and police.

The scam began earlier this year when the elderly man, whose identity was not released by West Vancouver police, began receiving calls from individuals claiming to be investigating fraudulent activity on his credit card.

"After a series of calls, the victim was then urged to call a second person identified as a bank fraud investigator, who then placed the victim into contact with a third person claiming to be a deputy chief of the Vancouver police," said Const. Jeff Palmer in a statement released on Thursday.

"The scam artists claimed an investigation was underway into individuals at the victim's bank and that personal assets should be moved to a bank in another country for safekeeping," said Palmer.

Sadly, the victim transferred his life savings — $800,000 — before realizing he had been defrauded. Once he realized the mistake, the bank was unable to reverse the overseas transfer.

West Vancouver police are investigating the scam and are working with Toronto Police who are also investigating the loss of $5.1 million from five other victims targeted by similar scams.

Police are warning the public not to transfer money based on requests from unknown people who contact you through unsolicitied phone calls, emails or text messages. Always go to your bank in person if you have concerns and never give out personal information to people you don't know.