Retired teacher Lynn Phaneuf says he and his wife mostly use their smart TV in Prince Albert, Sask., to watch the news. So when he saw what looked like a CBC interview with host Rosemary Barton and Prime Minister Mark Carney promoting a government-backed cryptocurrency opportunity, he believed it was real.
But the video wasn’t from CBC at all. It was a fake, created with AI to copy Carney, Barton and CBC branding. It directed viewers to an investment company already flagged by the Manitoba Securities Commission.
Phaneuf, 70, said he had doubts while dealing with the scammers over several weeks, but small “profits,” a real crypto platform mixed into the scheme, and calls from people pretending to be financial advisers kept him invested. He eventually lost $2,800.
“It’s like being lost in the bush,” he said. “You stop believing what you should believe.”
According to the Financial and Consumer Affairs Authority of Saskatchewan, people in the province have lost $1.3 million to crypto scams since 2024. Across Canada, losses topped $388 million, and officials say only a small number of victims ever report it.
Experts say AI-generated scam videos are becoming more common, especially on social media. Researchers have found hundreds of fake ads targeting Canadians, including seniors.
Phaneuf says the scam became more obvious as advisers pressured him for more money and stopped answering when he tried to withdraw funds. Prince Albert police first closed his case, but reopened it after CBC asked questions. The police chief admitted the service lacks the tools to handle complex cybercrime.
After taking a cybersecurity course, Phaneuf realized the scammers had used classic tactics: gaining trust, sending small returns, and then disappearing with the money.
His advice: never share banking information online and double-check that anyone dealing in investments is registered with Canadian regulators.
