Scammers use AI to impersonate Elon Musk, victim in Waterloo loses over $800K

Don’t trust everything you see on the internet, even if you think it’s being backed by a billionaire.

Waterloo Regional Police are warning of an online investment scam that led to a victim in Waterloo losing more than $800,000.

Police said the victim saw a video that promised ‘high returns with a short turnaround time’ and used artificial intelligence to make it look like Elon Musk was endorsing it.

The video encouraged people to call a phone number, which the victim did, and they were then contacted by a scammer who claimed to be with an investment company.

“The suspect offered their services to assist and guide the victim through the investment process, and convinced the victim to download an app that provided the suspect with remote access to the victim’s computer,” read a release from the Waterloo Regional Police Service.

More than $800,000 was then transferred out of the victim’s bank account between January and March of this year.

When the victim inquired about getting their investment back, they were told they would need to pay an additional $40,000 in fees and taxes to receive the money.

Waterloo Regional Police are reminding the public to be cautious about ‘get rich quick’ advertisements and take precautions to avoid being scammed.

Last year, more than $60,000,000 in financial losses from scams were reported to police in Waterloo Region, including those relating to investment fraud.

If you’ve been the victim of investment fraud and lost money, contact Waterloo Regional Police; those who were contacted by fraudsters but didn’t lose any money should report it to the Canadian Anti-Fraud Centre.