It’s a well-documented phenomenon that scammers exploit times of crisis and uncertainty to capitalize on heightened emotions, and the trade war triggered by the U.S. this week appears to be no exception.
Provincial securities regulators in Alberta and New Brunswick are warning Canadians about a suspected cryptocurrency investment scam involving fake news articles circulating on social media.
The articles, which were made to look like those published by legitimate news outlets such as the CBC or the Telegraph-Journal, falsely claim that prominent Canadian politicians are endorsing a digital currency investment program in response to U.S. tariffs.
One of the fake articles includes a falsified transcript of an interview between New Brunswick Premier Susan Holt and veteran CBC news anchor Ian Hanomansing promoting a cryptocurrency trading platform called CanCap, according to the Financial and Consumer Services Commission of New Brunswick.
The article, made to appear as if it were on the Telegraph-Journal’s website, claims that Ms. Holt is endorsing it as a provincial investment program to help New Brunswickers prevent losing income owing to the tariffs. It even includes doctored photos of the Premier supposedly unveiling the platform, and screenshots of fake bank statements showing falsified earnings.
Another article, this one crafted to look like it came from the CBC, falsely claims that Prime Minister Justin Trudeau is endorsing the CanCap platform, according to the Alberta Securities Commission.
Investment scams are among the most common and lucrative frauds reported to the Canadian Anti-Fraud Centre, which finds that the prevalence of scams appears to be growing. Victims reported a total of $638-million in fraud losses to the centre last year, up from $578-million the year before. Those figures likely represent just a fraction of the actual losses, as many frauds go unreported.
“The uncertainty that the U.S. 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,” said Marissa Sollows, director of communications and public affairs for New Brunswick’s securities commission, in a statement. “Scammers are taking advantage of the situation, preying on individuals when they are at their most vulnerable,” she added.
Both securities commissions note that the platform being promoted in the fake news articles is not registered to facilitate investments. They also note that the platform should not be confused with the privately owned financial services company CanCap Group.
The tariffs announced by U.S. President Donald Trump have upended decades of free trade in North America, causing chaos on both sides of the border.
Alongside the chaos come many questions about how this will affect Canadians’ lives, and Globe reporters are here to help you navigate those. Perhaps you’re curious about how this might impact the sector you work in, or maybe you’d like to know what this means for your mortgage. Tell us what you want to know about these new levies, and we’ll do our best to answer. Please submit your questions below or send an email to audience@globeandmail.com with “Tariff Question” in the subject line.
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