Canadian regulators: Beware of crypto scams that attract victims through fake news articles and using trade war panic
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On March 10, securities regulators in Alberta and New Brunswick in Canada warned that crypto scammers are using fake news articles and portraits of government figures to make profits by using trade war panic. In a March 7 alert, the Alberta Securities Commission said a crypto investment scam called "CanCap" faked the endorsement of then-Prime Minister Justin Trudeau by forging news articles from the Canadian National Public Broadcasting Corporation (CBC). "Fake articles claim that the Prime Minister is responding to U.S. tariffs in support of an investment plan involving digital currencies," the regulator said.
The New Brunswick Finance and Consumer Services Commission also warned on March 5 that CanCap used a fake news article to claim New Brunswick Premier Susan Holt supports the platform, which also contains fake interview records and tampered photos of Holt with the CBC.
Regulators noted that scams are increasingly using the current incident to target potential victims’ fears and use artificial intelligence to forge endorsements and generate content to make the scam appear legitimate. They added that scammers can quickly change the name and appearance of the plan, already using names like "CanCentra" and "Immediate Flectinium" and linking them to sites with at least six other different domains.