AI-Powered Romance Crypto Scam Defrauds Canadians of Over $42 Million

A massive romance scam involving cutting-edge AI and deepfake tech has bilked Canadian victims of past $42 million in the last few years.

This scheme consisted of creating fake online profiles, usually of attractive women, which were sent out as charms across popular dating apps and social media platforms. These ghost profiles held video calls for the victims using simple AI technology and sent voice messages that were believable enough to convince the unsuspecting victim that the perpetrator was the genuine “Mr. Right”.

By working over weeks, if not months, the scammers go on to establish emotions with their potential victims. In the last phase of gaining the target’s confidence, the victims were led to invest in bogus cryptocurrency platforms that seemed legitimate or were an outright facade controlled by these criminals. These fraudulent pump-and-dump schemes typically present misleading profit reports to deceive victims, permit withdrawals of small amounts, and subsequently entice them to invest larger sums of money.

As for organization, this joint operation was run so well that it specialized in social engineering, forgery, and financial manipulation. It was reported that training manuals and script guides were provided to these scammers so that they would know how to draw trust from a victim and invent false life stories and time requests for finances in ways that maximized the effectiveness of a deception.

AI and deepfake tools make scams more convincing and difficult to detect, warn experts. It especially puts older people and others seeking companionship online at risk.

In order to protect oneself, always verify the new contacts’ identities via live video calls and reverse image searches. Never dispense any personal or financial details to strangers. Do not trust anyone who randomly pops up and pitches cryptocurrency or investment schemes to you. Always do your due diligence before going into any investment with help from family and friends whom you trust.

Remain vigilant and well-informed to avoid sophisticated AI-driven scams. Contact reputable recovery firms, where qualified experts can assess your case and take appropriate measures to recover your funds.