Deepfakes and private messaging apps reshape investment fraud landscape, Alberta regulator says
The Alberta Securities Commission is warning Albertans that artificial intelligence-driven impersonations, private messaging apps and unregistered online investment advice are among the most common tactics being used to defraud investors heading into 2026.
The warning comes as Canadians lost more than $310 million to investment scams in 2024, according to figures cited by the Alberta Securities Commission from the Canadian Anti-Fraud Centre.
“The tools and technology scammers use are rapidly evolving – from sophisticated deepfake impersonations to encrypted group chats – making fraud increasingly harder to detect at first glance,” said Hilary McMeekin, director of communications and investor education with the commission. “We urge investors to slow down, check registration, and ensure any advice aligns with their investment goals and risk tolerance before investing.”
The commission says it has observed the use of deepfakes, where artificial intelligence is used to create realistic images, video or audio that impersonate prominent political figures and well-known Canadians to promote fraudulent investment or cryptocurrency schemes. These promotions often appear in online advertising, websites or social media posts that falsely suggest a credible public figure is endorsing an investment opportunity.
In some cases, the ASC says scammers have used AI-generated likenesses or cloned voices to impersonate local individuals, including Alberta-based business leaders, industry experts and other recognizable provincial figures.
Private messaging apps are another growing risk, according to the regulator. Platforms such as WhatsApp and Telegram are frequently used to move potential victims into group chats after initial contact through online ads or social media posts. Once inside, scammers promote promises of guaranteed returns or exclusive incentives tied to investing.
The commission says these group chats often expand through personal networks, as participants are encouraged to invite friends and family members. When invitations come from someone known and trusted, skepticism can be lowered, allowing scammers to reach new victims without direct outreach. Many of these interactions ultimately lead to market-manipulation schemes commonly referred to as pump-and-dumps, or to cryptocurrency fraud.
The ASC is also cautioning investors about financial influencers, or “finfluencers,” who provide investment-related content online. While some material may be educational, digital creators often monetize their platforms through affiliate links, paid partnerships or similar arrangements that can blur the line between general information and personalized investment advice.
Regulators note that offering investments or providing personalized investment advice generally requires registration. The ASC points to recent guidance issued by the Canadian Securities Administrators and the Canadian Investment Regulatory Organization outlining how online creators and firms are expected to comply with securities laws when posting investment information.
The commission is urging Albertans to take time before investing, verify whether investment professionals, firms and online trading platforms are registered, and ask questions when something does not feel right. Suspicious activity can be reported directly to the ASC by phone or online, and investor resources and registration checks are available through CheckFirst.ca.
The Alberta Securities Commission regulates Alberta’s capital markets and is responsible for enforcing the province’s securities laws and protecting investors.