Since 2022, Canadian Anti-Fraud Centre says it has received reports totalling more than $1.2 billion in losses to investment fraud
SAULT STE. MARIE — After the Sault’s Judy Skene was scammed of nearly a million dollars by a case of online fraud, the Canadian Anti-Fraud Centre has offered advice to the public to spare them from suffering a similar ordeal.
Skene, an elderly widow with no children, was deceived in July 2025 by a Facebook ad that featured an AI-generated deepfake video of Prime Minister Mark Carney urging people to invest $350 into a cryptocurrency investment scheme.
“We’re very sorry to hear about this individual’s experience. Unfortunately, stories like this are becoming increasingly common across Canada,” said Jeff Horncastle, CAFC spokesperson in an email to SooToday.
The CAFC says it receives reports of criminals using artificial intelligence, including deepfake videos and audio recordings, to impersonate trusted public figures, financial experts, celebrities and government officials to promote fraudulent investment opportunities.
These types of scams are officially classified as cryptocurrency investment fraud, Horncastle said, adding that the effects of this type of fraud have been devastating.
Since 2022, the Canadian Anti-Fraud Centre has received reports totalling more than $1.2 billion in losses to investment fraud.
The majority of reported losses are associated with cryptocurrency investment schemes, Horncastle said.
The CAFC said Canadians should be wary of investment opportunities that appear to be promoted by celebrities and political leaders on social media platforms.
Warning signs of cryptocurrency investment scams also include promises of guaranteed returns with little-to-no risk.
Such scams also pressure people to “act now.”
The scams feature:
- Requests to invest in cryptocurrency or transfer funds through cryptocurrency exchanges
- Claims that a small investment can generate huge profits
- Contact from ‘investment advisors’ online
- Requests to install remote access software or investment applications on an individual’s home computer
The CAFC is cautioning the public against investing in these schemes or providing any personal information online.
In addition, those suspecting a scam should:
- Take screenshots of the advertisement, website, messages and any related communications
- Report the advertisement to the social media platform where the ad appeared
- Contact their financial institution immediately
- Report the incident to the local police service
In Ontario, victims should also report investment-related fraud to the Ontario Securities Commission.
Victims should keep records of all communications with scammers, receipts, cryptocurrency wallet addresses, transaction records, emails and screenshots that may assist in an investigation.
“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.”
Horncastle said the CAFC has no comment on what social media platforms should be doing to combat the problem, but said it’s important that victims or targets of fraud on social media report what happened to the platform where they found the scam.
Pat Probert, a Toronto travel agent and longtime friend of Skene’s, learned of her traumatic financial loss in March and is supporting Skene with the money she needs to keep her condo as well as providing money to buy her food and pay her bills.
“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 told SooToday.
Probert has set up a GoFundMe page to help Skene with everyday living expenses such as food and medication.
Probert said he would like to see Skene be able to purchase a used car if the fundraiser brings in enough money.
Since the GoFundMe page went live on Wednesday, more than $5,800 of an $11,000 fundraising goal has been raised.
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