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A 2025 Facebook ad featuring an AI-generated video of Prime Minister Mark Carney endorsing a cryptocurrency platform cost Judy Skene, an elderly widow from Sault Ste. Marie, Ontario, nearly $1 million, the latest case in a surge of deepfake investment scams that Canadian authorities say have generated over $1.2 billion in reported losses since 2022.
The ad encouraged viewers to invest $350, a seemingly modest amount that ultimately led to devastating financial losses.
The case highlights the rising threat posed by Deepfake scams, which Canadian authorities say are increasingly being used to impersonate trusted public figures, celebrities, financial experts, and government officials to lure victims into fraudulent investment schemes.
According to the Canadian Anti-Fraud Centre (CAFC), investment fraud has become one of the country’s most costly forms of financial crime, with Deepfake scams playing a growing role in the trend.
“We’re very sorry to hear about this individual’s experience. Unfortunately, stories like this are becoming increasingly common across Canada,” said Jeff Horncastle, spokesperson for the Canadian Anti-Fraud Centre.
The agency classifies many of these operations as cryptocurrency investment fraud, a category that has generated significant financial losses across the country.
Since 2022, the CAFC has received reports totaling more than $1.2 billion in losses linked to investment fraud. Officials say cryptocurrency-related schemes account for the majority of reported losses.
Authorities warn that Deepfake scams have become particularly effective because they exploit public trust. By using artificial intelligence to create convincing videos and audio recordings, criminals can fabricate endorsements that appear legitimate and persuade victims to part with their savings.
The increasing sophistication of these tactics has made it more difficult for individuals to distinguish authentic opportunities from fraudulent ones.
The CAFC says Deepfake scams often begin with social media advertisements featuring well-known public figures who appear to recommend investment opportunities. These promotions frequently promise substantial returns while minimizing or ignoring investment risks.
Officials identified several common warning signs associated with cryptocurrency fraud schemes:
The agency advises Canadians to exercise caution whenever they encounter investment opportunities promoted through social media, particularly when endorsements appear to come from political leaders or celebrities.
“Fraudsters are continually adapting their methods and increasingly using emerging technologies such as artificial intelligence to make their scams appear legitimate,” Horncastle said.
“Canadians should remain vigilant and independently verify any investment opportunity before sending money or providing personal information.”
The warning reflects broader concerns about how Deepfake scams are evolving alongside advancements in artificial intelligence technology. Experts note that increasingly realistic AI-generated content can create a false sense of credibility, making victims more vulnerable to deception.
As Deepfake scams continue to spread, Canadian authorities are encouraging victims and potential targets to report suspicious activity immediately.
The CAFC recommends taking screenshots of advertisements, websites, messages, and other communications connected to suspected fraud. Individuals should also report deceptive advertisements directly to the social media platforms where they appeared.
Victims are advised to contact their financial institutions as soon as possible and report incidents to local law enforcement agencies. In Ontario, authorities additionally recommend reporting investment-related fraud to the Ontario Securities Commission.
Investigators emphasize the importance of preserving evidence, including emails, transaction records, cryptocurrency wallet addresses, receipts, and screenshots that may assist law enforcement efforts.
Horncastle said the agency has no official position on how social media companies should address the issue but stressed that reporting fraudulent content helps platforms identify and remove malicious campaigns.
The rise of Deepfake scams has also drawn attention to the human cost of online fraud.
Following her financial losses, Skene has relied on support from longtime friend Pat Probert, a Toronto-based travel agent who has helped cover living expenses and launched a fundraising campaign on her behalf.
“I’m just so overwhelmed. My main concern at my age is trying to keep myself in this condominium and Pat has been exceptional in getting various things done for me,” Skene said.
Probert established a GoFundMe campaign to assist with Skene’s daily expenses, including food and medication. Within days of launching, the fundraiser had raised more than $5,800 toward its $11,000 goal.
For authorities, the case serves as another reminder that Deepfake scams are no longer isolated incidents but part of a rapidly expanding fraud landscape.
As artificial intelligence tools become more accessible, regulators are urging the public to verify investment opportunities independently and remain cautious of endorsements that appear too convincing to be true.
The CAFC says vigilance remains the most effective defense against Deepfake scams, particularly those involving cryptocurrency investments promoted through social media platforms.
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