Fake election news ads are luring people into investment schemes. We got some taken down
Fake news articles promoting sketchy investment schemes are flooding social media platforms, taking advantage of recent political developments and events. CBC’s visual investigations unit recently uncovered a scam where fake articles led victims to Quantum AI, a known fraudulent scheme. However, the latest wave of fake content has been updated swiftly to capitalize on current news.
One such fake article referenced a federal tariff relief initiative, dated just two days after Prime Minister Mark Carney had made a similar announcement. After CBC News intervened, Facebook parent company Meta and a Toronto-based hosting company took action, disabling several Facebook accounts and suspending one website domain.
These fake ads, mostly purporting to be from CBC News, direct users to seemingly legitimate articles that then promote a “zero risk” cryptocurrency investment scheme. Some ads even featured AI-generated deepfake videos of prominent figures like Rosemary Barton, Elon Musk, and Carney. In the deepfake video, Carney falsely assures viewers that the government has certified the safety of the investment product, claiming that investors won’t lose their money.
Marissa Sollows, director of communications for the Financial and Consumer Services Commission of New Brunswick, warns that these scams are likely to increase, especially during election periods. The Commission is collaborating with national and international regulatory agencies to combat these fraudulent schemes.
The fake articles lead readers to trading platforms such as Canada Crypto Fund, TrueNorth, or Token Tact, all unregistered in New Brunswick to deal or advise in securities. The websites hosting these articles and platforms often use unrelated URLs like marslandingjournal.com or more convincing ones like cbc-politics.com.
Many of these trading platforms, including two hosted by Cloudflare, did not respond to CBC’s inquiries. One site registered its domain with Tucows, a Toronto-based company that suspended the domain following CBC’s investigation. Meta, in response to CBC’s findings, removed the flagged Facebook ads and disabled the accounts sharing them.
The RCMP, Canadian Securities Administrators, and the Canadian Anti-Fraud Centre have expressed concerns over the rise of online investment scams, costing Canadians millions annually. Investment fraud has been on the rise among younger Canadians, according to the CSA. Ryan Duquette, national lead of digital forensics at MNP, highlights the challenges faced by social media companies and law enforcement in tackling these scams.
As the fight against fraudulent schemes continues, vigilance is crucial. If you encounter suspicious ads, you can report them to CBC at ask@cbc.ca or seek guidance on identifying and dealing with scams. Meta also provides anti-scam resources to help users navigate the online landscape safely and securely.
