Edmontonians lost $1.9M in investment scams featuring AI versions of Trudeau, Musk: EPS

Justin Trudeau (CTV News) and Elon Musk (AP Photo)

The Edmonton Police Service (EPS) is warning Edmontonians about an investment scam featuring Prime Minister Justin Trudeau and businessman Elon Musk.

Victims report seeing an investment advertisement on their social media feed promising a large financial return featuring what appear to be authentic clips of Trudeau or Musk endorsing the scheme.

Police say the videos are generated using artificial intelligence and have been spotted on Instagram, Facebook, WhatsApp and TikTok.

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Victims who click on the advertisement receive a phone call from a scammer posing as a financial investor or trading specialist, who will provide guidance on investing for a fee of $250 with a guarantee of large profits.

They are then directed to download remote access platforms like AnyDesk or TeamViewer to make their initial financial investment and gain access to what the scammers call coaching or mentorship support.

Once the remote access software is downloaded, the scammers direct victims to login or provide personal banking details that allows them to take funds under the guise of service fees.

EPS says so far this year 15 Edmontonians have reported losing a total of $1.9 million as a result of this scam.

One victim reported being defrauded of nearly $900,000.

"With technology advancing at rapid speeds, we are seeing an increased number of scams that are using artificial intelligence to generate false endorsements from popular public figures related to investments," Det. Trevor Semotiuk said in a news release. "If you think you’ve been a victim of this scam, please don’t hesitate to contact police. Your report will help us to understand just how misleading and technologically advanced these investment scams can be."

"If you think you’ve encountered a scam or an opportunity that seems too good to be true, it probably is. Before you make a financial investment, going in-person to a trusted financial advisor or banking institution can help verify if something is authentic or illegitimate."

EPS is offering the following tips to help you avoid being scammed:

• Do your research. Before you make an investment, no matter how small the amount might be, look for reviews and news articles that are associated with the investment opportunity.
• Never provide remote access to your computer. Many scammers will request remote access through platforms like AnyDesk or TeamViewer.
• Be skeptical of promises for high returns. Often scammers will present an opportunity to invest that will yield high returns quickly.
• Seek professional advice. When in doubt, consult in person with a local qualified financial advisor or your bank.
• Trust your instincts. It’s never a bad idea to pause and think about if something feels too good to be true, it probably is.
• Report suspected scams. If you think you’re the victim of an investment scam, you can make a report to EPS or the Canadian Anti-Fraud Centre.

EPS is currently investigating 172 reports of various scam occurrences that have taken place from Jan. 1 to Nov. 26, 2024.