Consumer Alert: Suspected Crypto Scam uses Premier’s image and fake news article to target New Brunswickers

News & Alerts

The Financial and Consumer Services Commission of New Brunswick (the Commission) is warning New Brunswickers of an impersonation scam circulating on social media using a fake news article claiming that Premier Susan Holt is endorsing the cryptocurrency trading platform CanCap.

The Commission has noted a growing trend of scammers using technology, including generative AI, to further personalize and target their pitches. Most recently, a fake news article circulating on social media uses well-known Canadian and New Brunswick media outlets and high-profile individuals to encourage investing in cryptocurrency through the trading platform CanCap. CanCap is not registered to deal or advise in securities in New Brunswick and is not on the list of registered crypto trading platforms.

Note that this platform should not be confused with CanCap Group, a privately-owned Canadian financial services company.

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 U.S. tariff hikes. The article features a fake transcript of an interview between the Premier and CBC's Ian Hanomansing, promoting the platform, as well as doctored photos of the Premier unveiling the new platform.

The article falsely claims that this new investing program is supported by the provincial government and backed by the Bank of Canada's new digital currency, and that it will allow Canadians to invest at zero risk. It even includes screenshots of falsified bank statements showing fictitious earnings from the platform.

The article claims that the goal of the program is to help New Brunswickers avoid losing any income in light of the tariffs. Scammers often exploit current headlines to perpetrate their crimes, build trust and capitalize on heightened emotions. New Brunswickers should be aware that the platform being promoted in this fake news article is not related to any provincial tariff relief funding or support that is, or will be, made available. Individuals and businesses should verify directly with the province for more information about any available funding or relief.

"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, the Commission's Director of Communications and Public Affairs. "Scammers are taking advantage of the situation, preying on individuals when they are at their most vulnerable."

While this scam impersonates Premier Holt promoting CanCap, scammers can quickly change the look, names, and website address or design of their scams, but the underlying fraud and its devastating impact on victims remain the same. In addition to the Caution List entry for the CanCap platform referenced in the fake news article, the Commission found and issued Caution List entries for another website using the name "CanCap", and three identical websites using the names: CanCap, Immediate Flectinium and CanCentra. New Brunswickers should be aware that none of these platforms are registered in New Brunswick.

The Commission reminds New Brunswickers to be wary of unsolicited investment promotions, particularly on social media.

Before investing, always do your research and follow these steps:

• Check the registration status before sending money: Crypto asset trading platforms that hold cryptocurrencies on behalf of their clients are subject to securities legislation and must be registered with the Commission.
• Be skeptical of celebrity endorsements: Never make an investment decision based solely on a celebrity endorsement or rely only on links provided within the promotional material. Scammers meticulously create fake articles, video clips and social media posts to mimic legitimate media. Double-check the website's URL for misspellings and always verify any claim directly through the official website of the media outlet or public figure.
• Be skeptical about investment information on social media: Scammers use sophisticated technology to create fake profiles, post information that looks real, and impersonate legitimate sources. Look for accounts with suspicious activity like low follower counts, repetitive posts, or overly positive comments.
• Be alert for deep fakes: Scammers use deep fake technology to create convincing content. Look for inconsistencies in video or photos, robotic audio, or poorly written text with grammar or spelling mistakes.
• Contact the Commission: if you have any concerns about unsolicited investment opportunities or about the legitimacy of an investment opportunity. Being an informed investor is the best defense against investment fraud.
• Sign up and stay informed: The Commission's consumer and fraud alerts can help you stay updated on the latest scams targeting New Brunswickers

The Financial and Consumer Services Commission of New Brunswick has the mandate to provide regulatory services that protect the public interest while enhancing public confidence, and to promote understanding of the regulated sectors through educational programs. It is responsible for the administration and enforcement of financial and consumers services legislation for mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, the unclaimed property program, and a wide range of other consumer legislation. It is a Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.