An 86-year-old Sault Ste. Marie woman says a convincing fake video of Prime Minister Mark Carney led her into a cryptocurrency scheme that drained her savings, retirement funds and home equity.
An 86-year-old woman from Sault Ste. Marie is speaking publicly after losing more than $900,000 in an alleged cryptocurrency investment scam that began with an AI-generated deepfake video of Prime Minister Mark Carney.
Judy Skene says she first saw the video in a Facebook advertisement promoting what appeared to be a Bank of Canada-backed investment opportunity. The ad urged Canadians to invest $350. What followed was months of contact with people who promised significant returns, eventually persuading Skene to invest nearly all of her available assets.
The case shows how artificial intelligence is making investment scams more convincing, particularly when fraudsters use familiar public figures and trusted institutions to create a false sense of legitimacy.
A Small Initial Investment Became a Major Loss
Skene said she began with a $350 investment after seeing the ad. She was later contacted directly by people connected to the platform, who encouraged her to contribute more money while showing what appeared to be growing returns.
According to reports, the scammers promised monthly returns of up to $40,000. Over time, Skene withdrew funds from her Registered Retirement Income Fund, mortgaged her condominium and used a cash advance from her credit card.
She ultimately lost more than $900,000. When the people behind the platform stopped responding, Skene was left with only a small amount of money.
The investment platform, the video and the endorsement were all fake.
Deepfakes Add a New Layer to Investment Fraud
Deepfakes use artificial intelligence to create realistic-looking video, audio or images of real people. In this case, the scam reportedly used a fabricated video of Carney to make the investment offer appear credible.
The technology gives scammers a powerful tool: a familiar face can make a false claim seem trustworthy before a victim has time to verify it. Ads can also be targeted to specific audiences through social media platforms, allowing fraudsters to reach people who may be looking for investment opportunities, retirement income or financial security.
A public figure appearing in a video should not be treated as proof that an investment is legitimate. Government agencies, banks and reputable financial institutions do not promote investment products through unsolicited social media ads that require an immediate deposit.
Fraud Losses Continue to Rise in Canada
The Canadian Anti-Fraud Centre reported more than $704 million in fraud losses in 2025 across more than 112,000 reports. Investment fraud accounted for a major share of those losses.
The actual financial impact is likely higher. Federal agencies say only a small percentage of fraud incidents are reported, meaning many victims never contact police, financial institutions or the Canadian Anti-Fraud Centre.
Older Canadians can be particularly vulnerable to investment fraud because scammers may target retirement savings, home equity and the desire for stable income. However, these schemes affect people of every age group and income level.
Warning Signs Canadians Should Watch For
Investment scams often follow a similar pattern. They begin with a social media ad, message or unexpected call, then move quickly toward a request for money. The fraudster may show a professional-looking website, fake account balances or fabricated testimonials to make the opportunity seem real.
Canadians should be cautious if an investment offer includes guaranteed returns, pressure to act quickly, requests to transfer money through cryptocurrency, or claims that a government leader, bank or celebrity personally endorses the opportunity.
Before sending money, investors should independently verify the company through their provincial securities regulator and contact their bank or financial adviser using trusted contact information. It is also important to search for warnings from the Canadian Anti-Fraud Centre and avoid relying on links, phone numbers or websites provided by the advertiser.
A Reminder to Verify Before Investing
Skene’s experience is a reminder that fraud can be highly sophisticated and emotionally persuasive. The use of AI does not change the basic rule: if an investment opportunity appears unusually profitable, urgent or difficult to verify, it deserves extra scrutiny.
Anyone who believes they may have been targeted should contact their financial institution immediately, preserve messages and transaction records, and report the incident to local police and the Canadian Anti-Fraud Centre.
As deepfake technology becomes more accessible, verifying information directly through official sources is becoming an essential part of protecting personal finances.
