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‘I was heartbroken’: Two Canadians lose $2.3 million to crypto scams
Two Canadians lost $2.3 million in AI-generated cryptocurrency scams that used fake endorsements and pressured victims to pay taxes and fees, Canadian Anti-Fraud Centre data shows.
- Last year, W5 found criminals using AI-generated videos and images to target Canadians into cryptocurrency schemes, with Denise, 51-year-old woman from Markham, Ontario, losing $1.7 million and Donald Hanrahan, of Charlottetown, P.E.I., reporting similar losses.
- An AI-generated Elon Musk clip on Facebook used altered audio to solicit investments, while fake Dragon's Den ads prompted a warning and public figures were impersonated for credibility.
- Investors first sent $250 and were shown a US$30 payout to build trust; Denise then took a second mortgage and borrowed $500,000 from family and friends as scammers demanded fees.
- The Canadian Anti-Fraud Centre says losses reached $1.2 billion in the past three years, with some investors losing entire life savings; W5 will profile an investigator who says many scams originate in southeast Asia.
- Jeff Horncastle of the Canadian Anti-Fraud Centre said, 'It's really hard to know what is real now because the technology is so sophisticated', while W5 found many scams may come from southeast Asia and victims reported pressure tactics on phone.
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