The Canadian Anti-Fraud Centre (CAFC) has reported staggering losses of $103 million to cryptocurrency scams in the first half of 2025, following $190 million lost in 2024. Fraudsters are increasingly using AI-generated deepfake videos of public figures to lure victims into fraudulent investment schemes.
How the Scams Work
- Deepfake Videos: Scammers create realistic fake videos featuring prominent figures like former Finance Minister Chrystia Freeland, falsely endorsing crypto investments.
- False Promises: Victims are told they can double their money or receive "guaranteed returns" on investments.
- Escalating Demands: After initial deposits, scammers ask for more money under the guise of "unlocking funds" or "tax payments."
A Victim’s Story: Lost Life Savings
One Ontario couple, Don and Guylaine Perkins, lost $42,600 after watching a deepfake video of Freeland promoting a fake investment.
- The AI-generated clip showed her saying:
> "I urge each of you to seize this opportunity... I personally guarantee the safety of your funds."
- The couple, hoping to boost their retirement savings, invested small amounts at first.
- When they tried to withdraw, scammers demanded another $10,000, revealing the fraud too late.
CAFC’s Warning: "If It’s Too Good to Be True, It Is"
The Canadian Anti-Fraud Centre has issued urgent warnings:
✅ Never trust unsolicited investment offers—even if they appear to come from trusted figures.
✅ Verify independently—contact official sources before sending money.
✅ Scammers exploit urgency—real investments don’t pressure you to act immediately.
Protect Yourself from Crypto Scams
🔹 Avoid "Guaranteed Returns" – No legitimate investment promises risk-free profits.
🔹 Check for Verified Sources – Government officials do not promote private crypto schemes.
🔹 Use Registered Platforms – Stick to exchanges regulated by Canadian authorities.
The Bigger Picture
- AI-powered scams are rising—deepfakes make fraud harder to detect.
- Crypto fraud remains a top threat—Canadians lost $293M+ in two years.
- Authorities struggle to track scammers—many operate overseas, beyond Canadian jurisdiction.
🚨 Stay vigilant—always research before investing.
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