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False images of former Bank of Canada governor Mark Carney endorsing a cryptocurrency scheme have been circulating online, marking the latest incident in a growing trend of deepfake scams targeting high-profile financial figures.
The sophisticated deepfake videos and images show Carney, who also previously served as governor of the Bank of England, supposedly promoting a cryptocurrency investment platform that promises extraordinary returns. The fraudulent content has appeared across various social media platforms and fake news websites designed to mimic legitimate financial news outlets.
In the manipulated media, Carney appears to endorse a platform called “CryptoWealth,” which claims to use advanced algorithms to generate returns of up to 90 percent. The deepfake shows him making statements such as: “This investment opportunity is revolutionary and could help everyday Canadians achieve financial freedom.”
The Bank of Canada issued a statement Wednesday confirming that Carney has no association with any cryptocurrency investment platforms. “These videos are fraudulent and have been digitally manipulated,” the statement read. “Mr. Carney has never endorsed any cryptocurrency investment schemes and warns the public to be vigilant about such scams.”
Financial authorities have noted a significant increase in AI-generated deepfakes targeting financial institutions and their leaders over the past year. The Canadian Anti-Fraud Centre reported that cryptocurrency scams have already cost Canadians over $75 million in 2023, with deepfake-assisted fraud becoming an increasingly common tactic.
Cybersecurity experts point out that the Carney deepfakes are particularly concerning due to their quality. “These aren’t the amateurish efforts we saw even a year ago,” said Rachel Chen, director of digital forensics at the Canadian Centre for Cyber Security. “The voice modulation, facial expressions, and overall production quality make these deepfakes increasingly difficult for the average person to identify.”
The scammers appear to be exploiting Carney’s reputation as a respected financial authority figure. As former governor of both the Bank of Canada (2008-2013) and the Bank of England (2013-2020), Carney’s endorsement would carry significant weight with potential investors.
“Fraudsters deliberately target individuals with strong reputations for financial acumen,” explained Daniel Morris, a financial fraud investigator with the Ontario Securities Commission. “The implicit trust people have in figures like Carney makes these scams particularly insidious.”
The fake endorsements follow a pattern seen globally, with similar deepfakes having targeted other prominent financial figures including U.S. Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde. Last month, Australian regulators warned about deepfake videos of business magnate Andrew Forrest promoting cryptocurrency schemes.
Social media platforms have struggled to contain the spread of these sophisticated fakes. Meta, which owns Facebook and Instagram, reported removing over 1,500 cryptocurrency scam accounts using AI-generated content in the past quarter alone, while Twitter/X has faced criticism for slower response times to reported deepfakes.
For consumers, the increasing sophistication of these scams presents significant challenges. Financial literacy experts recommend several protective measures, including verifying investment opportunities through official channels, being suspicious of promises of extraordinary returns, and checking the URLs of websites carefully.
“If you’re seeing a well-known financial expert suddenly promoting get-rich-quick schemes on social media, that should immediately raise red flags,” said Patricia Lovett-Reid, a financial commentator. “Legitimate investment advice doesn’t come through sponsored social media posts promising overnight wealth.”
Law enforcement agencies are working to track down the operators of these schemes, but the cross-border nature of cryptocurrency fraud makes prosecution difficult. The RCMP’s Cybercrime Division has established a special task force focused specifically on deepfake financial fraud.
For his part, Carney has used his authentic social media accounts to warn followers about the fraudulent content. “I do not endorse or participate in any cryptocurrency investment platforms,” he wrote on Twitter/X. “Please report any content suggesting otherwise as it is fraudulent.”
Experts warn that as AI technology continues to advance, deepfake scams will likely become even more convincing, putting additional pressure on regulators, platforms, and consumers to develop more sophisticated detection methods.
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18 Comments
It’s alarming to see how advanced deepfake technology has become, enabling scammers to create such realistic-looking videos of prominent figures like Mark Carney. Investors must be vigilant and never trust unsolicited financial offers without thorough verification.
Absolutely. Regulators and tech companies need to work together to develop robust detection and mitigation strategies to combat the growing threat of deepfake scams. Protecting investors should be a top priority.
It’s disappointing to see scammers exploiting the public’s trust in respected financial leaders like Mark Carney. Crypto investors should always do their own research and be wary of any unsolicited investment opportunities.
Agreed. Regulators and platforms need to work together to quickly identify and remove these deepfake videos to limit the damage caused by these scams.
Kudos to the Bank of Canada for swiftly debunking this fraudulent deepfake video. Regulators need to stay vigilant and work closely with tech companies to combat the rise of such sophisticated scams.
Yes, public awareness and education are key to protecting investors from falling victim to these types of manipulations. Identifying and removing the source of these deepfakes should be a top priority.
The use of deepfake technology to promote fraudulent cryptocurrency schemes is a disturbing trend that undermines trust in financial markets. Investors should always verify the source and authenticity of any investment-related content they encounter.
Absolutely. This incident highlights the need for stronger regulations and technological solutions to combat the proliferation of deepfake scams targeting the financial industry. Protecting investors should be a top priority.
This deepfake scam targeting Mark Carney is a clear example of how cryptocurrency fraud is evolving. Investors must be extremely cautious and verify the legitimacy of any financial offers, especially those involving digital assets.
Agreed. The ability of scammers to exploit deepfake technology to impersonate respected figures is deeply concerning. Vigilance and skepticism are crucial when evaluating any online investment opportunities.
This is a troubling example of how deepfake technology can be exploited to mislead the public and potentially cause financial harm. Investors should always verify the authenticity of any investment-related content they encounter online.
Agreed. The proliferation of deepfake scams targeting financial figures is a concerning trend that undermines trust in the industry. Stronger regulations and technological solutions are needed to address this issue.
This is a clear example of the growing threat of deepfake technology being misused for nefarious purposes. Investors must be extremely cautious when evaluating any cryptocurrency or financial offers online.
Absolutely. These deepfake scams undermine trust in the financial system and highlight the need for better detection and mitigation technologies.
It’s disheartening to see scammers exploiting deepfake technology to mislead the public about investment opportunities. Investors must exercise extreme caution and always verify the legitimacy of any financial offers, especially those involving cryptocurrencies.
Agreed. This is a concerning trend that undermines trust in the financial system. Regulators and tech companies need to work together to develop effective strategies to identify and remove these deepfake scams before they can cause harm to investors.
This is a concerning trend of deepfake scams targeting prominent figures to promote dubious cryptocurrency schemes. It’s important to be vigilant and verify the legitimacy of any financial offers or endorsements.
Absolutely. Regulators need to crack down on these fraudulent activities to protect investors from falling victim to such sophisticated manipulations.