AI Clips of Trudeau, Musk Used in $1.9M Edmonton Investment Scam

Business magnate Elon Musk (L) and Prime Minister Justin Trudeau. AP Photo/Susan Walsh; The Canadian Press/Adrian Wyld

Edmonton police say an investment scam featuring AI-generated video clips of Prime Minister Justin Trudeau and business magnate Elon Musk has defrauded at least 15 local residents this year, resulting in a total loss of roughly $1.9 million.

The scam appears as an advertisement on social media platforms promising large financial benefits and show doctored video clips of Trudeau and Musk endorsing the scheme, the Edmonton Police Service said in a Dec. 6 press release.

The advertisements are created using artificial intelligence, and appear on account feeds across platforms like Instagram, Facebook, WhatsApp, and TikTok, officials said.

“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 the release.

When victims clicked on the scam advertisement and said they were interested, they received a phone call from a supposed “financial advisor” or “trading specialist” who charged them $250 for investment advice and guaranteed high returns, police said.

The scammers then instructed users to download remote access softwares like AnyDesk and TeamViewer, claiming these were necessary to assist with their initial investment and access investment coaching. Once installed, victims were prompted to log in or share banking information, enabling the fraudsters to take funds under the pretense of fees or investment deposits.

One victim reported losing nearly $900,000 to the scam, police said.

Authorities are asking residents to contact police if they have fallen victim to the investment scheme.

The scam is part of a string of investment fraud seen in Edmonton this year, with combined losses to victims of more than $12 million. Police are currently investigating 172 scam cases that occurred between Jan. 1 and Nov. 26.

Investment scams often entice victims with promises of quick profits, police said. Common tactics include convincing users to transfer money electronically, providing remote access to their computers, or creating cryptocurrency accounts to transfer funds.

Police advise anyone encountering investment-related advertisements, including those involving cryptocurrency, to avoid granting remote access to their personal computers. They also recommend independently researching investment opportunities, consulting a financial advisor, and remaining cautious of promises of high returns.

“If you think you’ve encountered a scam or an opportunity that seems too good to be true, it probably is,” Semotiuk said.