Canadian Regulatory Authority: Beware of crypto scams that attract victims through fake news articles and exploit fears of trade wars

News on March 10, securities regulators in Alberta and New Brunswick, Canada warned that crypto scammers are exploiting fake news articles and government figure images to profit from trade war panic. The Alberta Securities Commission stated in an alert on March 7 that a crypto investment scam called "CanCap" is forging news articles from the Canadian Broadcasting Corporation (CBC), impersonating an endorsement by then Prime Minister Justin Trudeau.

The regulator said: "The false article claims that the prime minister is responding to U.S. tariffs, supporting an investment plan involving digital currency." The Financial and Consumer Services Commission of New Brunswick also warned on March 5 that CanCap uses fake news articles claiming Susan Holt, Premier of New Brunswick supports this platform. The article also includes fabricated interview records with Holt and CBC as well as tampered photos.

Regulators pointed out that scammers are increasingly exploiting current events targeting potential victims' fears, using artificial intelligence to forge endorsements and generate content to make scams look legitimate. They added that scammers can quickly change the name and appearance of their schemes; they have already used names like “CanCentra” and “Immediate Flectinium”, linking them to websites under at least six other different domain names.