SAINT JOHN, N.B. — New Brunswick’s financial regulator is warning residents about the growing threat of artificial intelligence-driven scams after more than $6.2 million was lost to investment fraud in the province last year, underscoring the rising economic and consumer risks linked to emerging technologies.
The Financial and Consumer Services Commission (FCNB) said most of the reported losses in 2025 were tied to online schemes, reflecting how fraudsters are increasingly leveraging digital tools — including AI and deepfake technology — to target victims.
“These days, fraudsters are using AI and deepfakes to make scams look and sound real,” said Marissa Sollows, the Commission’s Director of Communications and Public Affairs. “You might hear a familiar voice, see a well-known face or receive a message that feels trustworthy — even though it isn’t.”
The $6.2 million reported lost by New Brunswickers represents a slight increase from the $6 million reported the previous year, according to data compiled by the Canadian Anti-Fraud Centre (CAFC), the national agency responsible for collecting fraud and identity theft reports.
However, regulators say the true financial impact is likely far greater, as fraud remains significantly underreported.
“So the actual amount of money scammed from New Brunswickers could be much higher,” Sollows said.
The Commission pointed to artificial intelligence as a rapidly expanding tool for scammers, allowing criminals to produce convincing fake audio, video and images that can impersonate trusted individuals, including celebrities, financial professionals and even family members.
The rise of these sophisticated tactics presents new challenges for both consumers and financial institutions, particularly as digital investment platforms and online communications become more deeply integrated into everyday financial activity.
In response, the Commission is expanding public education efforts as part of Fraud Prevention Month in March, including hosting a free public webinar aimed at helping residents identify and avoid scams.
The webinar, titled Fraud Has a New Face: AI, Deepfakes, and Why Scams Can Be So Hard to Spot, will be offered in English on March 17 and in French on March 18.
Officials say the sessions will focus on how scams operate, the warning signs of fraudulent activity and practical strategies to reduce risk.
“We’re sharing practical tips to help you protect yourself, your loved ones and the people you support from scams,” said Sollows. “We also encourage people to check out the helpful resources on our website at FCNB.ca.”
The Commission has also developed online educational guides designed to help consumers navigate evolving fraud risks. One guide, Protecting yourself from AI and deepfake scams, explains how scammers manipulate digital content to deceive victims. Another resource, Celebrity Endorsements: Don’t have stars in your eyes, highlights how fraudsters use fake celebrity endorsements to lend credibility to fraudulent offers.
These types of schemes have grown rapidly in recent years, with scammers exploiting public trust in recognizable figures to promote fraudulent investment opportunities, often promising unusually high returns.
Consumer protection officials say such scams can have broader economic consequences beyond individual financial losses, including undermining confidence in legitimate investment markets and digital financial platforms.
To improve early detection and prevention, the Commission is also encouraging residents to subscribe to its fraud alert notification system. The alerts provide updates on emerging scams circulating within the province, enabling individuals to take preventive action.
The increase in fraud activity reflects a broader global trend, as advances in artificial intelligence lower the barrier for criminals to create convincing scams at scale. Experts warn that deepfake technology, in particular, is becoming increasingly accessible and difficult to detect without specialized tools.
For regulators, the challenge is not only responding to current fraud schemes but also anticipating future threats as technology evolves.
Financial authorities across Canada have emphasized that education and awareness remain among the most effective tools in combating fraud, particularly as scammers continue to adapt their methods.
The FCNB said its ongoing outreach efforts are aimed at strengthening consumer confidence while reducing financial losses linked to increasingly sophisticated fraud tactics.
As AI continues to reshape both legitimate business practices and criminal activity, regulators are urging consumers to remain vigilant, verify information carefully and seek trusted sources before making financial decisions.