Canadian Senior Loses Savings to AI-Generated Deepfake Scam, Highlighting Expanding Fraud Problem

A retired teacher in Saskatchewan has become one of the latest victims of a growing wave of AI-generated investment scams, after a fabricated video mimicking CBC News and Prime Minister Mark Carney persuaded him to invest in a fraudulent crypto platform.

Lynn Phaneuf, 70, said he believed the segment was genuine when he saw it on the smart TV he and his wife use mainly for watching news. The video used deepfake technology to impersonate CBC host Rosemary Barton and referenced government-backed cryptocurrency initiatives.

"With everything going on with Mark Carney, I thought this could be another one of those initiatives that is good for Canadians," Phaneuf said.

The clip did not come from CBC. It was a fake, tied to an investment outfit already flagged by the Manitoba Securities Commission in June 2025.

Weeks of False Reassurance

Phaneuf said the scheme unfolded gradually: convincing phone calls, small early profits, and the appearance of a legitimate third-party trading interface. At one point, he even received an RBC call warning that crypto transactions carry scam risks—though he said the bank stopped short of confirming whether his specific transaction was unsafe.

"I was lost in the bush," he said, describing how the uncertainty kept him engaged until he ultimately lost $2,800.

Canada's regulators say the problem is widespread. Saskatchewan authorities tracked $1.3 million in provincial losses to crypto scams since 2024, while national losses exceeded $388 million between January 2024 and September 2025. Both agencies estimate that only 5–10% of victims report their cases.

Deepfakes Fueling a Global Fraud Machine

Researchers say Phaneuf's case aligns with a troubling trend: scammers using AI-generated videos and fake news branding to impersonate public figures.

Mathieu Lavigne of the Media Ecosystem Observatory said platforms like Meta remain largely reactive. His team identified more than 200 pages impersonating Canadian media outlets to push investment scams, with some videos reaching over 100,000 viewers.

"Right now anyone, anywhere, can create a page and buy ads that try to defraud Canadians," Lavigne said.

The fake CBC video directed victims to a platform known as TW Pro, which later appeared to rename itself PlusTW. Phaneuf said the interface showed real-time data for major stocks and cryptocurrencies, which further convinced him the service was legitimate. Calls came from Canadian numbers, and one adviser used the name of a real Toronto-based finance professional.

Police Response and Capacity Questions

When Phaneuf reported the loss to local police, he said he was initially told the case would not move forward. After CBC contacted the force, the file was reopened. Prince Albert Police Chief Patrick Nogier admitted the earlier handling "did not meet our expected standard of service," adding that mid-sized forces lack the capacity to manage complex cybercrime.

"We need to be upfront. We do not have the capabilities and the expertise," he said.

Experts say seniors are especially vulnerable as deepfake technology becomes more sophisticated.

University of Saskatchewan professor Natalia Stakhanova, who teaches cybersecurity to older adults, said many do not realize how convincing AI-driven fraud has become. "Criminals are getting more creative," she said.

Phaneuf now urges Canadians to be cautious: "Don't let any money out because there's a good chance you'll never see it again."