- Over $103 million lost to crypto scams in Canada in 2025 alone.
- AI-generated deepfake videos impersonate public figures to promote fake investments.
- Victims include retirees and vulnerable citizens seeking financial security.
An alarming wave of AI-driven cryptocurrency scams is sweeping across Canada, robbing citizens of their hard-earned savings. According to the Canadian Anti-Fraud Centre (CAFC), Canadians have already lost over $103 million in 2025 to fake crypto investments, many driven by deepfake videos that impersonate trusted politicians and celebrities.
The damage is deeply personal. Some victims, like Don and Guylaine Perkins from Ottawa, invested their life savings hoping to secure a stable retirement.
The Cost of Trust: AI Deepfakes Fuel Crypto Scams Across Canada
Deepfake technology has evolved rapidly, making it easier than ever to produce convincing video content with manipulated voices and faces. Fraudsters now use this to mimic the speech patterns and mannerisms of well-known figures, creating a false sense of legitimacy. These AI-generated clips often circulate on social media and even appear in search engine ads, making them especially hard to identify as fake.
The CAFC has noted that over 70% of reported investment fraud in 2024 was linked to cryptocurrency schemes, most involving falsified video content. Search engines and social platforms are now under pressure to filter these scams more effectively. Unfortunately, by the time content is flagged or removed, many victims have already lost their money.
Health challenges and retirement anxieties are common traits among victims. The Perkins, both struggling with serious medical conditions, believed the investment could supplement their limited income. Their story underscores how easily hope can be weaponized by fraudsters. They were told they’d need to deposit even more funds before withdrawing anything, a classic red flag tactic used to deepen losses.
Public awareness remains the most powerful defense. The CAFC urges Canadians to think critically about sensational content and verify investment platforms through trusted regulatory bodies. If a public figure appears to promote a financial product, it’s crucial to cross-check their official channels. Canadians are encouraged to report suspicious activity immediately to authorities to help prevent further harm.
As AI deepfakes grow more sophisticated, so must public vigilance. Recognizing the signs and questioning the source can be the difference between security and financial ruin.
“The best way to predict the future is to create it.” – Peter Drucker
