Elderly Canadian Loses $450,000 in Deepfake Investment Scam

• •An 88-year-old man lost $450,000 to a deepfake investment scam.
• •TD Bank did not prevent the transactions despite being alerted to unusual activity.
• •Victims of scams in Canada often bear the financial loss without bank reimbursement.

Ralph Moore, an 88-year-old retiree from Qualicum Beach, BC, was scammed out of over $450,000 after being deceived by a deepfake video of Prime Minister Mark Carney endorsing a fraudulent investment scheme. Over a 10-month period, he made multiple transactions, both online and in-person at TD Bank, which raised concerns but ultimately did not prevent the losses. Despite the bank's awareness of unusual activity, they did not intervene to stop the transactions or reimburse Moore. In Canada, victims of such scams are often left to bear the financial burden, as banks are permitted to place liability on customers for losses incurred through unauthorized transfers or scams. In 2025, Canadians reported $704 million in fraud losses, a significant increase from previous years, with older adults losing more money on average. The Ombudsman for Banking Services noted a rise in fraud investigations, but recourse for victims remains limited.