An Ontario senior lost $900,000 to a cryptocurrency platform scam that used an artificial intelligence-generated deepfake video of Prime Minister Mark Carney to appear as an investment endorsement, according to a Consumer Alert report by CTV News's Pat Foran.
How the scam worked
Fraudsters created a convincing deepfake video featuring a fake version of Prime Minister Carney promoting a cryptocurrency investment platform. The video was used to lure the victim, a senior from Ontario, into believing the investment was legitimate. The senior subsequently transferred $900,000 to the fraudulent platform, which then disappeared with the funds.
Pat Foran reported that the criminals behind the scam are part of a broader trend where deepfake technology is used to impersonate celebrities and politicians to endorse fake investments. The senior's case highlights the growing sophistication of such frauds, which exploit trust in public figures.
Impact and warnings
According to the report, the victim is not alone; similar scams have targeted other individuals across Canada. Authorities urge the public to be cautious of investment opportunities promoted through unsolicited videos or messages, especially those involving cryptocurrencies. The Ontario Securities Commission has previously warned about the rise of deepfake-based investment scams.
“It’s you versus the potholes,” the report also noted in a separate segment, but the core focus remains on the financial devastation caused by the scam. The senior’s loss of nearly a million dollars underscores the need for increased awareness and regulatory action against AI-enabled fraud.
