Deepfake Video Scams Cost Canadians Over $270,000

Three Canadian men lost a combined $273,350 after being duped by deepfake videos featuring AI-generated clips of public figures endorsing a fraudulent cryptocurrency investment scheme.

The Scam Unfolds

Mohammad Haque encountered a social media video of Prime Minister Justin Trudeau promoting crypto investments. Believing its legitimacy, Haque invested $880, thinking he had grown his wealth to $424,775, only to find his account empty—losing $165,610.

Darrell Budnick saw a similar video and invested $95,262, only to realize he couldn’t withdraw any funds. “Right now I’m panicking. I have a heart condition that’s getting worse. It hurts. It’s scary. I thought I was secure, and now I’m not,” Budnick shared.

Giovanni Pugliano was swindled after watching a YouTube video of Elon Musk endorsing crypto, resulting in a loss of $12,457. “I ended up putting in a lot more than I expected and all of a sudden, I was broke,” Pugliano said.

Nationwide Impact: The Canadian Anti-Fraud Centre reported that investors across Canada lost $108.45 million to crypto-related scams in the first half of 2024 alone.

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