Deepfakes are now prevalent on social media platforms and the Internet. While they can be used legitimately to create entertainment content, they can also be used by scammers to prey on new victims.

Decorative image: deepfake

Understanding deepfake technology

A deepfake, as the name suggests, uses artificial intelligence to create highly realistic images or sound clips of fake events. Deepfakes can be used to accurately recreate the voices or fabricate highly realistic-looking videos of well-known public figures. Scammers can also use deepfake technology to design fictitious people with virtual lives by setting up fake social media profiles for them. In short, deepfakes can make anyone say anything—sometimes in order to get you to put money into totally fictitious investments or to discredit a well-known public figure.

Red flags

Well-designed deepfakes are difficult to spot. To protect yourself from potential deepfake scams, it’s important to know how to recognize them. Here are some red flags:

  • A celebrity or well-known person offers you a high-return, risk-free investment. Scam artists often use fake videos or recordings to make things appear convincing.
  • Someone asks you for access to your computer, saying they need access in order to help you. They may be attempting to take control of your computer remotely.
  • You feel under pressure to make a quick decision to avoid missing out on a “chance of a lifetime.”
  • Someone asks you to make a very small initial deposit (for example, $250) to earn your trust in order to get you to invest even more.
  • Communication suddenly stops after you’re allowed to withdraw a portion of your money.

Tips and advice to protect yourself

  • Check the information: Make sure the firm or individual that contacts you is in the Register of firms and individuals authorized to practise and use the contact information in the register rather than the information the firm or individual provides. When in doubt, contact our Information Centre.

  • Check the source: Find out the source of the video. What site or platform is it from? Is it a trusted source? There are sites that specialize in checking viral videos for authenticity. You can search for the video title or details to see whether it has been checked.

  • Look for flaws: Some visual and auditory clues can help you detect deepfakes, such as unnatural blinking of the eyes; short, jerky movements; lip movements and voices that seem out of sync; or tones of voice and facial expressions that don’t match up.

  • Take some time to think things through: Don’t give in to pressure to make a quick decision and don’t fall for promises of high returns for no risk.
  • Don’t share your personal information: Never give out your personal or financial information without first checking such things as the AMF Register to make sure the person asking for the information is trustworthy. Don’t give anyone remote access to your phone, tablet or computer.

Sophie and the deepfake scam

Sophie is worried she won’t have enough money to fund her retirement after she leaves the workforce and is looking for a solution that will give her peace of mind. She is a longtime follower and admirer of a celebrity athlete on social media who is known for her authenticity and motivational messages. Over time, Sophie has developed a sense of kinship with her.

An authentic-looking video

One evening, while scrolling through the athlete’s profile, Sophie comes across a video of the celebrity claiming she has identified an incredible opportunity—a new crypto that, according to her, “will quickly double in value.” She urges her followers to invest right away, while there’s still time. All the comments under the video are very positive and full of testimonials claiming “easy profits.”

Sophie watches the video several times. The athlete is not in the habit of doing this kind of promotion, but everything—the voice, face and tone—looks and sounds authentic. Sophie tells herself that the celebrity has no reason to mislead anyone. And what if this is the solution she needs to ease her retirement worries?

When a sense of urgency results in recklessness

She clicks on the link under the video and lands on a professional-looking investment site with step-by-step instructions on how to deposit money into an account. Sophie doesn’t know much about investing, but everything looks straightforward and well presented. However, out of caution, she starts with an amount she considers reasonable.

A few days later, the platform shows that her investment is “growing in value.” The automated messages include references to “exceptional profitability” and “a one-time opportunity.” Sophie starts to believe them. She decides to invest a little more in order to really “profit from the surge.”

Little does she know that the video, comments and website were created by fraudsters.

The sting of truth

A few days later, the athlete appears in the media and warns the public about the existence of a video that is using her likeness but was never recorded by her. She is unequivocal: “It’s a scam.”

Sophie’s heart sinks. She hurriedly attempts to log on to the platform but can’t. The accounts for the project are no longer posting content. The money she had transferred has vanished. She learns that it was redirected to untraceable wallets.

Sophie feels ashamed and angry. She realizes that the scam relied on several techniques specifically intended to deceive even cautious individuals: a realistic fake video, fake comments, a fake sense of urgency, and the use of a well-known personality’s likeness to lend it credibility.

Rebuilding your finances: a major obstacle to retirement saving

While the financial toll exacted by the scam is heavy, the toll exacted by the fear of not having time to rebuild is even greater. The closer you get to retirement, the more difficult it is to make up for lost money and the more time it may take to regain confidence in your ability to make your own decisions. But with support, it is possible to gradually rebuild both your finances and your self-worth.

What to do in the event of fraud

Anyone can be a victim of fraud, so don’t beat yourself up. Deepfakes are becoming more sophisticated and increasingly difficult to detect.

  • Refer to the You're a victim of fraud? page to find out what to do, and contact the AMF if the fraud involves purported investments.
  • Break off all communications with the person or persons involved and stop sending money.

Be careful: Fraudsters often target their victims more than once. They may contact you claiming to be a lawyer, financial institution or firm specializing in financial fraud cases and offer to recover the money you lost.