According to the Canadian Anti-Fraud Centre (CAFC), Canadians lost over $100 million as a result of crypto investment scams in 2025. Many cases are linked to new technologies, including deepfake videos.
Losses from Scams
CAFC reported that the total loss from investment scams in Canada last year was $310 million, with approximately 62% related to cryptocurrencies, amounting to $190 million in 2024.
Victim Stories
A couple from Ontario, Don and Guylaine Perkins, lost $42,600 after watching a deepfake video allegedly featuring former Finance Minister Chrystia Freeland promoting an investment opportunity. Another victim, Brenda Dionne, also fell for a scam after watching a fake video of Prime Minister Mark Carney, losing her life savings of $16,000. Don Perkins stated, 'We got stung big time, and we don’t want it to happen to anyone else.'
CAFC Recommendations
CAFC warned that videos that seem too good to be true—especially those featuring public figures—should raise suspicions. The center encourages people to be skeptical, exercise caution, and conduct their own research before investing.
The current situation highlights a growing issue of crypto fraud in Canada. It is important to stay informed and cautious to avoid such losses.
