AI Fraud Cost Canadians $103M in Crypto Losses

- Canadian crypto scam losses drop to $103 million in 2025 from $190 million in 2024. - Deepfake videos of public figures increasingly used in fraudulent schemes. The Canadian Anti-Fraud Centre (CAFC) confirmed that Canadians lost $103 million to cryptocurrency scams in 2025. This amount represents a substantial decline from the $190 million in losses reported in 2024. On July 17, 2025, media outlets including CTV News, Mitrade, and Baystreet.ca reported that scammers exploited deepfake technology in many of these schemes to mislead investors into fraudulent ventures. Reports highlighted that scammers used AI-generated content, such as deepfake videos, to deceive victims. For instance, one Ontario couple lost $42,600 after encountering a deepfake video of former Finance Minister Chrystia Freeland endorsing an alleged cryptocurrency project. In another case, an Ontario woman lost her life savings of $16,000 to a similar scam featuring a deepfake of Prime Minister Mark Carney. The CAFC urged the public to use extreme caution with online investment opportunities and specifically warned against scams showing public figures making uncharacteristic endorsements. The agency added that scammers increasingly integrate artificial intelligence to create convincing fraudulent content. In addition, the centre stressed the importance of skepticism and independent research, noting that search engine results for "cryptocurrency investments" frequently lead to fraudulent platforms. Globally, the scale of cryptocurrency-related crime remains significant, as security firm Certik reported that worldwide losses from crypto scams and hacks reached $2.5 billion in the first half of 2025. To help combat these activities in Canada, the CAFC continues to encourage Canadians to report all incidents of fraud and cybercrime, as these reports help law enforcement combat such criminal activities. As of 15:00 UTC on July 17, CoinMarketCap reports that Bitcoin (BTC) is trading at $30,742. This represents a 0.8% increase in 24-hour trading volume. During the same period, Ethereum (ETH) is trading at $2,126, with a 1.5% increase.