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An 86-year-old woman from Sault Ste. Marie, Ontario, lost more than CA$900,000 to a crypto investment fraud after scammers used an AI-generated deepfake video of Prime Minister Mark Carney on Facebook to convince her the scheme was backed by the Bank of Canada.
The fraud, which began in the summer of 2025, relied on a deepfake video shared on Facebook to convince the retiree that a cryptocurrency investment was backed by the Bank of Canada.
Over several months, she invested her savings and even mortgaged her condominium before discovering the fake crypto platform scam had disappeared with her money.
The case highlights how criminals are increasingly combining artificial intelligence, social media advertising, and cryptocurrency to deceive unsuspecting investors, particularly seniors. Experts now warn that the growing use of deepfake technology is making investment frauds more convincing and difficult to detect.
According to CTV News, Judy Skene first encountered the fake crypto platform scam after seeing what appeared to be a video of Prime Minister Mark Carney promoting a cryptocurrency investment opportunity on Facebook.
Believing the advertisement to be genuine, Skene clicked the link and made an initial investment of CA$350.
“I saw an ad on Facebook of Mark Carney telling me if I invested $350 Canadian, it would be backed by the Bank of Canada,” — Judy Skene
Soon after making her first deposit, Skene received a phone call from individuals claiming her investment had already tripled in value. Encouraged by what appeared to be legitimate returns displayed on an online dashboard, she continued investing larger amounts.
Over the following months, the fake crypto platform scam persuaded her to commit virtually every asset she owned. Eventually, she agreed to refinance her condominium.
“So I agreed to put a mortgage of $300,000 on my condominium,” — Judy Skene
The investment account appeared to show her balance steadily increasing. However, investigators say the figures were entirely fabricated, serving only to convince her to invest more money.
When she completed what became her final payment, communication with the operators suddenly stopped.
“Once I did the final payment, there was no more conversation and all my money was gone,” — Judy Skene
By then, the fake crypto platform scam had cost her approximately CA$900,000.
The devastating financial losses quickly turned into a personal crisis.
Pat Probert, a longtime friend of Skene, stepped in after learning about the fake crypto platform scam, describing how she struggled to meet even basic financial obligations.
According to Probert, her condominium fees, insurance premiums, and other payments began bouncing after the fraud drained her finances. He also revealed that the emotional impact became overwhelming, with Skene reaching a point where she felt like taking her own life.
Probert said the experience demonstrates why family members and friends should regularly check in on seniors who may be living alone.
“If you know a senior that’s alone, reach out to them make sure someone is on a bank account as their emergency contact,” — Pat Probert
To help his friend recover, Probert created a GoFundMe campaign aimed at helping her remain financially stable in the coming years.
He noted that Skene had intended to leave much of her estate to charitable organizations because she has no children or close relatives.
“Judy was not doing this for greed; she was doing it to help others now she is the one needing help,” Probert said.
While cryptocurrency investment scams are not new, cybersecurity experts say artificial intelligence has dramatically increased their sophistication.
Mohit Rajhans, an AI expert and media consultant with Think Start Inc., said deepfake videos featuring politicians and celebrities have become widespread across social media platforms.
These manipulated videos often appear authentic enough to convince users they are viewing legitimate endorsements for financial products or investment opportunities.
Rajhans argued that technology companies hosting such advertisements should bear greater responsibility for preventing fraudulent content from reaching users.
“Let’s remember they are making money off of these scams. These ads are running on social media platforms; this is a revenue stream for these apps,” — Mohit Rajhans, AI Expert and Media Consultant, Think Start Inc.
He noted that the fake crypto platform scam affecting Skene reflects a broader challenge facing regulators and technology companies as AI-generated content becomes increasingly realistic.
The fraudulent videos frequently feature public figures, including Prime Minister Mark Carney and former Prime Minister Justin Trudeau, despite neither having endorsed the investment platforms.
Skene now hopes sharing her experience will prevent others from becoming victims of a fake crypto platform scam.
She urged social media users to carefully question advertisements promising guaranteed investment returns or claiming endorsements from public officials.
“Just be alert and be careful with what you see on Facebook,” — Judy Skene
Judy Skene who lost $900,000 in a fake crypto platform scam speaks to CTV News
Her warning comes as authorities and cybersecurity experts continue raising concerns about AI-powered investment fraud targeting older adults who may be less familiar with deepfake technology.
The fake crypto platform scam that emptied Skene’s life savings serves as another reminder that fraudsters continue to evolve their tactics by exploiting artificial intelligence, cryptocurrency, and trusted public figures to gain victims’ confidence.
As investigations into online investment fraud continue, experts advise consumers to independently verify any investment opportunity, avoid acting on unsolicited advertisements, and consult licensed financial professionals before transferring funds to cryptocurrency platforms.
In a separate incident, a retired man from Fuquay-Varina, North Carolina, lost $753,000 in a pig-butchering cryptocurrency scam, although the FBI said approximately $630,000 of the stolen funds may still be recoverable.
Primary Source: CTV News Consumer Alert
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