Canadian Anti-Fraud Centre Warns of Growing Threat of Cryptocurrency Scams

The Canadian Anti-Fraud Centre (CAFC) has issued a warning about the growing threat of cryptocurrency investment scams, following a recent case in Sault Ste. Marie where a senior was scammed out of nearly $1 million through a deepfake video on Facebook.

The CAFC reports that since 2022, it has received over $1.2 billion in losses related to investment fraud, with the majority associated with cryptocurrency schemes. These scams often feature artificial intelligence-generated videos or audio recordings of trusted public figures or celebrities promoting fake investment opportunities.

The centre is cautioning Canadians to be wary of investment opportunities that appear to be promoted by celebrities or government officials on social media platforms. Warning signs include promises of guaranteed returns with little-to-no risk, pressure to 'act now,' and requests to invest in cryptocurrency or transfer funds through exchanges.