A 70-year-old Saskatchewan man says he was deceived by a fraudulent cryptocurrency investment scheme built around an AI-generated deepfake video impersonating Prime Minister Mark Carney and CBC hosts. The scam mirrors a growing national trend, with regulators reporting hundreds of millions lost to crypto fraud across Canada.
A Saskatchewan retiree is speaking out after losing $3,000 to a cryptocurrency investment scam that used an AI-generated deepfake video to impersonate the prime minister and CBC personalities. Lynn Phaneuf, a 70-year-old retired teacher from Prince Albert, says the scheme appeared legitimate because it mimicked CBC branding and presented what looked like a real interview discussing new federal investment opportunities.
Phaneuf said he and his wife typically use their smart TV only to watch the news, and the fake segment appeared authentic. He believed the discussion about cryptocurrency initiatives aligned with recent political messaging, leading him to consider the opportunity credible. The video, however, never aired on CBC and was later identified as part of a fraudulent operation previously flagged by the Manitoba Securities Commission.
Over several weeks, Phaneuf interacted with individuals posing as financial advisers, using Canadian phone numbers and providing real-time trading data that matched legitimate markets. The scammers even deposited roughly $800 into his bank account, reinforcing the illusion of legitimacy. He ultimately sent $3,000 through a crypto platform, an amount he had decided was his maximum risk.
Phaneuf said he raised concerns with his bank, but an unclear response from the representative contributed to his continued uncertainty. As the pressure to invest increased, contact with the so-called advisers became inconsistent, and attempts to withdraw funds eventually failed. When he requested to close his account, communications stopped completely.
According to Saskatchewan’s Financial and Consumer Affairs Authority, reported provincial losses to cryptocurrency scams reached $1.3 million as of early November 2025. Nationally, the Canadian Anti-Fraud Centre recorded more than $388 million in reported crypto-related losses between January 2024 and September 2025, though officials believe only a small fraction of victims ever come forward.
Experts say AI-generated videos and fake social-media ads have become widespread, with hundreds of fraudulent investment promotions impersonating Canadian media outlets and public figures. Researchers warn that social-media companies often rely on reactive content moderation, removing deceptive ads only after they are flagged.
Phaneuf reported the scam to Prince Albert police, who initially declined to pursue the case. Following media inquiries, police acknowledged that the initial assessment did not meet their standards and reopened the file. The police chief said that cybercrime cases often exceed the resources of mid-sized forces, leaving many victims without meaningful support.
Phaneuf later enrolled in a cybersecurity course where he learned how common and sophisticated these schemes have become. He said the scammers built trust the same way others described in the class: small early returns, personalized communication, and fabricated credibility.
His advice to others is straightforward: never send money to online investment opportunities without independent verification, and never provide banking information to unsolicited contacts. He said victims often doubt themselves, but the technology has become convincing enough to fool anyone.
