Canadians Lost $103 Million to Deepfake Crypto Scams in 2025

The Canadian Anti-Fraud Centre (CAFC) reported that Canadians have lost a total of $103,172,872 to crypto investment scams in 2025. This alarming figure underscores the growing sophistication and prevalence of fraudulent activities in the digital currency space. The CAFC's report highlights the urgent need for enhanced cybersecurity measures and public awareness campaigns to combat these deceptive practices.

CTV News reported that it has been receiving reports on a weekly basis from Canadians who fell for crypto investment scams. Most victims stated that they invested their hard-earned money after watching AI-generated ads and deepfake videos. These scams often involve deepfake videos of public figures endorsing fraudulent investment opportunities, which can be highly convincing and misleading.

A couple who reside in Ontario, Don Perkins and his wife, Guylaine Perkins, shared their harrowing experience with CTV News. They watched a deepfake video of former Finance Minister Chrystia Freeland talking about an investment opportunity that would change their lives. In the deepfake video, the former minister appeared to be saying, “I urge each of you to seize this opportunity and register for the project. I personally guarantee the safety of your funds.” The couple started investing a few hundred dollars, hoping to boost their retirement savings due to health problems. Eventually, they poured their life savings of $42,600 into the investment scheme.

Don Perkins recounted that he tried to access his funds, but the scammer asked for an additional $10,000. It was at this point that the couple realized they had lost their life savings. Perkins stated, “We got stung big time, and we don’t want it to happen to anyone else.”

Another victim, Brenda Dionne from Ontario, had a similar experience. She watched a deepfake video of what appeared to be Prime Minister Mark Carney. In the fake video, the Prime Minister appeared to be saying, “Make your initial deposit. The algorithm earns on your behalf.” Unfortunately, Dionne sent her bank information to the scammers, who wiped her account clean, stealing her life savings of $16,000.

The CAFC reported that Canadians lost $310 million to investment scams last year. Around 62% of the total $310 million was siphoned through cryptocurrency-related scams, making the loss equivalent to $190 million in 2024. This trend suggests that the problem has been escalating, with deepfake technology playing an increasingly pivotal role in these deceptive schemes.

Most cryptocurrency scams rely on deepfake videos. A CAFC spokesperson warned, “If you open up your search engine and you search up cryptocurrency investments, the first five or ten are more than likely to be fraudulent platforms.” The CAFC advised Canadians to view videos that seem too good to be true—especially ones that show a public figure saying something out of character—with caution. The center encourages people to remain skeptical, exercise caution, and do their own research.

The financial impact of these scams extends beyond the immediate monetary loss. The erosion of trust in digital currencies and investment platforms can have long-term repercussions for the broader financial ecosystem. Investors who have fallen victim to these scams may become wary of engaging in future crypto investments, potentially stifling innovation and growth in the sector.

To mitigate the risks associated with deepfake crypto scams, it is essential for regulatory bodies and financial institutions to collaborate on developing comprehensive strategies. This includes implementing stricter verification processes, enhancing cybersecurity protocols, and educating the public about the dangers of deepfake technology. By taking proactive measures, stakeholders can work towards creating a safer and more secure environment for crypto investments.

In conclusion, the $103 million loss suffered by Canadians in 2025 due to deepfake crypto scams serves as a wake-up call for the financial community. The escalating use of deepfake technology in fraudulent activities necessitates a concerted effort to strengthen cybersecurity measures and raise public awareness. By addressing these challenges head-on, the financial sector can better protect investors and foster a more trustworthy digital currency ecosystem.