The Alberta Securities Commission said in a March 7 alert that a “crypto investment scam called CanCap” faked an endorsement from then-Prime Minister Justin Trudeau through a fake news article from Canada’s national public broadcaster, the CBC.“The fake article notes that the Prime Minister is purportedly responding to US tariffs by endorsing an investment program involving digital currencies,” it said. Source: Alberta Securities CommissionThe Financial and Consumer Services Commission of New Brunswick on March 5 also warned that CanCap used a fake news article claiming that New Brunswick Premier Susan Holt endorsed the platform.“The fake article, crafted to look like a Telegraph-Journal web article, claims that the Premier is endorsing this ‘provincial investment program’ in response to the US tariff hikes,” the commission said.
Mark Carney replaced Trudeau as prime minister on March 9 and slammed Trump for “attacking Canadian families” with the tariffs and vowed the country “will win” a trade war.“The uncertainty that the US tariffs place on our economy is causing some New Brunswickers increased anxiety and concern about their financial security, and they may be looking for other means of income,” the commission’s communications director, Marissa Sollows, said in a statement.“Scammers are taking advantage of the situation, preying on individuals when they are at their most vulnerable.” The Albertan and New Brunswicker watchdogs both noted that scammers are increasingly leveraging current events to target potential victims’ fears and are using artificial intelligence to fake endorsements and generate content to give the scheme a sense of legitimacy.
Crypto scammers are using fake news articles and the likeness of government figures to capitalize on trade war fears, according to securities regulators in the Canadian provinces of Alberta and New Brunswick.
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Author / Journalist: Cointelegraph by Jesse Coghlan
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