Saskatchewan Retiree Loses $3,000 to Cryptocurrency Scam Featuring AI-Generated Video of Prime Minister
Prince Albert, Sask. — Lynn Phaneuf, a 70-year-old retired teacher from Prince Albert, Saskatchewan, is sharing a cautionary tale after falling victim to a sophisticated cryptocurrency fraud that utilized an AI-generated deepfake video of Prime Minister Mark Carney. The scam cost him $2,800 and is part of a broader wave of AI-enabled investment scams targeting Canadians.
Sophisticated AI Video Lures Victim
Phaneuf and his wife typically use their smart TV solely to watch news broadcasts. One day, he encountered what appeared to be a legitimate interview on a CBC streaming platform, showing CBC host Rosemary Barton interviewing Prime Minister Carney about cryptocurrency investment opportunities supposedly backed by the federal government.
“With all the stuff that has been going on with Mark Carney, trying to get housing going and this and that, I thought this could be just one of those initiatives that is good for Canadians,” Phaneuf said.
However, the interview was completely fabricated. The segment never aired on CBC, and the video was an AI-created deepfake designed to impersonate both the prime minister and the CBC brand, directing viewers to invest in a fraudulent cryptocurrency site flagged by the Manitoba Securities Commission earlier this year.
“Lost in the Bush” — The Gradual Trap of Confidence
Despite some lingering doubts, Phaneuf found the scam convincing for several reasons: an initial return of roughly $800 in profits credited to his Canadian bank account, the professionalism exhibited by so-called financial advisers who contacted him, and even a confusing telephone conversation with a representative from his bank, the Royal Bank of Canada (RBC).
“I always use the analogy of being lost in the bush. Once you’re lost, you stop believing the things that you should believe,” Phaneuf reflected.
The sequence of events followed a familiar scam pattern: a small initial investment, quick but modest profits to build trust, and encouragement to invest larger sums.
Rising Cryptocurrency Scam Losses in Canada
The Financial and Consumer Affairs Authority of Saskatchewan began tracking cryptocurrency scam losses province-wide in 2024, reporting a total of $1.3 million lost as of early November 2025. On a national level, the Canadian Anti-Fraud Centre recorded over $388 million lost to such frauds between January 2024 and September 2025. Experts estimate only five to 10 per cent of victims report these incidents, suggesting the true scale is far larger.
Social Media Companies Reactive to AI-Generated Scam Ads
Mathieu Lavigne, analytic lead at the Media Ecosystem Observatory, stated that deepfake AI-generated videos like the one Phaneuf encountered are a known issue for social media platforms, but responses tend to be reactive rather than preventative.
“Companies have basically just been removing individual pages and ads when they’ve been flagged,” Lavigne said. He highlighted that regulations governing ads on social media are significantly laxer than those for traditional broadcasts.
Platforms like Meta, owner of Facebook, do not require identity verification before ad purchases, even for financial products, creating fertile ground for scam pages. Lavigne’s team identified over 200 Facebook pages impersonating news organizations, including CBC, aimed at directing Canadians to investment frauds.
Details of the Scam and Bankphone Warning
The fake interview directed Phaneuf to a website that initially appeared as TW Pro and later changed to PlusTW. The site displayed stock and cryptocurrency prices in real time, including familiar names such as Apple, Bitcoin, and Dash. Assured by this apparent legitimacy and his available time in retirement, Phaneuf decided to proceed cautiously.
After creating an account, he was contacted by financial advisers using real Canadian phone numbers. One even used the name of a genuine financial adviser based in Toronto. Phaneuf’s initial $365 investment was made via credit card, and he received a small profit within minutes.
Initially cautious, Phaneuf convinced himself to invest up to $3,000—money he could afford to lose. Funds transfer was requested through crypto.com, a Singapore-based cryptocurrency platform registered in Canada.
Concerned by this, RBC called Phaneuf to verify the transaction. The bank warned him about the risk of fraud associated with cryptocurrencies but was unable to confirm the legitimacy of crypto.com specifically, giving ambiguous advice that left Phaneuf uncertain.
Withdrawal Attempts and Silence from Scammers
As pressure grew to invest more, the so-called financial advisers became less accessible. When Phaneuf attempted to withdraw funds or close his account, calls abruptly stopped and his requests were ignored.
“I was mad because I fell for this one hook, line and sinker,” he admitted.
Police Initially Decline to Pursue Case but Reopen Investigation
Phaneuf reported the theft to the Prince Albert City Police, but was informed no investigation would be pursued, despite the crime being classified as theft. After CBC’s inquiry, police spokespersons acknowledged the need for further attention and reopened the file.
Prince Albert Police Chief Patrick Nogier openly stated the force lacks the expertise and resources to effectively investigate many cybercrime cases, a common issue for mid-sized police services.
Education and Raising Awareness
Phaneuf’s experience prompted his wife to encourage him to take a cybersecurity course at the University of Saskatchewan. The course, taught by Canada Research Chair in Security and Privacy Natalia Stakhanova, educates seniors about fraud tactics including AI-powered scams. Stakhanova noted that several seniors have reported close calls with similar deceptive schemes.
Advice for Potential Victims
Experts from the Canadian Anti-Fraud Centre emphasize the importance of reporting fraud to both local law enforcement and the anti-fraud centre itself. Jeff Horncastle, an outreach officer, remarked that fraud often goes unreported due to confusion about whom to contact and difficulties in filing complaints.
Final Thoughts
Phaneuf’s story underscores the increasing sophistication of financial scams leveraging AI technology to mislead even cautious individuals. As scammers adopt new tools, consumers and regulatory agencies alike must remain vigilant.
For anyone considering cryptocurrency investments, experts recommend verifying information through official channels, avoiding pressure to invest quickly, and being skeptical of unsolicited offers, especially those involving convincing videos or endorsements via social media.
If you suspect you’ve been targeted by a scam or need to report fraud, contact your local police and the Canadian Anti-Fraud Centre at Canadian Anti-Fraud Centre website.