Retired educator Lynn Phaneuf, along with his wife, typically utilizes the smart TV in their Prince Albert residence primarily for news consumption. Upon encountering what he believed to be a genuine interview featuring CBC host Rosemary Barton and Prime Minister Mark Carney discussing government-backed cryptocurrency investment opportunities, Phaneuf was convinced he was viewing an authentic news segment on a CBC streaming platform. “With all the initiatives Mark Carney has been involved in, especially related to housing, I thought this could be yet another beneficial program for Canadians,” he remarked.
However, the segment was never broadcast on CBC’s platform; it was a fabricated production that used artificial intelligence to mimic Carney, Barton, and CBC branding, aimed at directing viewers to an investment firm previously flagged by the Manitoba Securities Commission in June 2025. Phaneuf expressed that he had lingering doubts throughout his weeks-long engagement with the scammers, which ultimately led to a loss of $2,800. Yet, with about $800 in purported profits deposited into his Canadian bank account from a legitimate cryptocurrency platform involved in the scam, the professionalism of the so-called financial advisers, combined with an ambiguous phone call from RBC, provided enough reassurance to keep him involved. “I often liken it to being lost in the woods; once you’re disoriented, you start doubting your instincts,” he explained.
The Financial and Consumer Affairs Authority of Saskatchewan reported it began monitoring the amounts lost to cryptocurrency scams in the province starting in 2024. By early November 2025, the total reported losses reached $1.3 million. On a national scale, the Canadian Anti-Fraud Centre indicated that losses in Canada exceeded $388 million between January 2024 and September 2025, with only an estimated five to ten percent of victims reporting their experiences.
Companies Aware of AI-Driven Advertisements
Mathieu Lavigne, the analytics lead at the Media Ecosystem Observatory—an initiative based in Canada focused on tracking and analyzing online threats—highlighted the ongoing issue of deepfake, AI-generated videos like the one encountered by Phaneuf, which have become a significant concern for social media platforms. Lavigne noted that these companies adopt a primarily “reactive” strategy in addressing the problem. “They essentially remove specific pages and ads once they are flagged,” he stated. Regulations governing advertisements on social media are considerably less stringent than those applied to traditional media outlets. Companies such as Meta, which owns Facebook, depend on ad purchasers to self-report any deceptive AI practices, and there is no identity verification process required prior to page creation, even for pages that promote financial ads.
The Media Ecosystem Observatory has tracked hundreds of Facebook pages that impersonate legitimate news organizations, including CBC, to lure Canadians into investment scams. “Currently, anyone across the globe can create a page and commence advertising aimed at defrauding Canadians,” Lavigne emphasized. He pointed out that his team identified over 200 pages on Meta’s platforms running similar ads to the one that ensnared Phaneuf, with one particular video reaching over 100,000 viewers in Canada. Vulnerable demographics, particularly the elderly, are often the primary targets of these scams.
The Deceptive Scheme
The fraudulent video directed Phaneuf to a website named TW Pro, which later rebranded to PlusTW. This site presented stock and trading data for well-known companies such as Apple and cryptocurrencies including Bitcoin and Dash. Phaneuf mentioned that he was able to cross-check this information against live stock exchange data. With ample free time during his retirement and what appeared to be an endorsement from the prime minister, he found the idea of investing intriguing and enjoyable. “I wasn’t looking to make a fortune; I just thought it would be an interesting venture,” he recounted.
After setting up an account, he began receiving calls from individuals identifying themselves as financial advisers with Canadian phone numbers. One even used the name of a legitimate financial adviser from Toronto. Phaneuf’s initial investment was $365, charged to his credit card. After a brief 10-minute conversation with an adviser, he was told he had made a profit. “The returns weren’t substantial, but there were earnings every time,” he noted. Confident he could withdraw his funds, he decided to invest an additional $3,000, a sum he felt comfortable risking on this venture.
Confusing Communication from RBC
The website instructed him to transfer the funds via crypto.com, a Singapore-based entity authorized to operate in Canada through the Canadian Securities Administrators, utilizing an e-transfer method. This raised concerns at his bank. “RBC called me and questioned if I was sure about proceeding with this transaction,” Phaneuf recalled. They warned him that cryptocurrencies frequently involve scams, but when he inquired if RBC had specific issues with crypto.com, the representative could not provide a definitive answer. “The call lasted five minutes, and I was left without clarity,” he said. RBC later stated they would not comment specifically on Phaneuf’s situation due to client confidentiality but acknowledged that they were in direct communication with him regarding the matter. “We understand our vital role in safeguarding our clients from fraud and educating Canadians to remain vigilant amid ever-evolving threats,” the statement read. A spokesperson for crypto.com clarified that the company has no association with either PlusTW or TW Pro.
Phaneuf indicated that the pressure to invest intensified over time. As he hesitated, the financial advisers became increasingly difficult to reach. Attempts to withdraw his funds were met with silence, and requests to close his account went unanswered. He expressed frustration, stating that he usually has a knack for spotting scams and avoiding phishing attempts. “I was furious because I fell for this one completely,” he lamented.
After reporting the incident to the Prince Albert city police, he received a response indicating they would not pursue the matter, despite classifying it as theft. He was informed that submitting his witness statement was unnecessary. Following a request for comment from CBC, the police department acknowledged that Phaneuf’s case “requires additional attention” and reopened the investigation. “Upon reviewing the file, we recognized that our initial assessment did not align with our standards of service,” stated Chief Patrick Nogier. He candidly addressed the police department’s capacity to tackle cybercrime, admitting, “We do not possess the necessary expertise and resources.”
Chief Nogier expressed concern over the initial evaluation of Phaneuf’s situation, particularly given the frequency with which cybercrime remains unreported. Jeff Horncastle, an outreach officer with the Canadian Anti-Fraud Centre, advised that fraud victims should report their experiences to both local law enforcement and the anti-fraud centre, as these are separate reporting mechanisms. He noted that fraud remains significantly underreported for various reasons, including confusion regarding proper reporting channels and difficulties in communicating with police.
Gaining Insight into the Fraud
Phaneuf’s wife encouraged him to enroll in a cybersecurity course at the University of Saskatchewan as part of its continuing education offerings this fall. During the virtual course, he encountered a narrative strikingly similar to his own, detailing how fraudsters build trust over time through phone interactions, occasionally refunding victims to entice further investments, only to vanish with their money later. “It felt as though they were describing my experience directly,” he remarked.
While Phaneuf chose not to share his personal story with his instructor, Natalia Stakhanova, a Canada Research Chair in Security and Privacy, other seniors in the class did recount encounters with AI-powered scams. Stakhanova highlighted the growing complexity and sophistication of scams today. “Many individuals are unaware of the capabilities of AI, which are evolving rapidly,” she explained. “Criminals are becoming increasingly inventive.” She noted that scams are now more persuasive and credible than what many have previously encountered. Experts emphasize that education is vital in the fight against emerging fraudulent practices. All individuals and organizations engaging in financial transactions must be registered with the Canadian Securities Administrators, and this information can be verified through their databases. Phaneuf’s key advice is to safeguard bank account details from anyone soliciting money online. “Don’t part with your money; the likelihood of recovery is minimal,” he cautioned.
