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Rising Digital Deception Targets Canadian Consumers
A surge of sophisticated scams is flooding Instagram, where malicious ads are impersonating trusted Canadian financial institutions like BMO (Bank of Montreal) and EQ Bank. These deceptive promotions mimic official branding and even feature AI-powered deepfake videos to trick users into sharing sensitive data. The scams are strategically crafted to exploit trust in reputable banks, luring consumers with promises of unusually high returns and then redirecting them to phishing domains that collect banking credentials. As Meta struggles to shut down these fraudulent campaigns swiftly, Canadian users are left vulnerable, navigating a digital minefield where authenticity is becoming increasingly harder to discern.
Fake Ads, Real Consequences
Instagram is being exploited by scammers who publish fraudulent ads posing as well-known Canadian banks. These ads often use convincing bank logos, design elements, and even names of respected bank officials to gain the trust of users. In one striking example, an ad purporting to be from EQ Bank offered an attractive 4.5% interest rate. However, instead of linking to the real eqbank.ca site, it directed users to a phishing siteâRBCpromos1[.]cfdâdesigned to steal their banking credentials. This fraudulent domain not only mimicked EQ Bank’s appearance but also borrowed branding elements from RBC, suggesting cross-targeting of major banks.
Even more troubling is the use of AI-generated deepfake videos. A scam ad titled “BMO Belski” used a fake video of Brian Belski, BMO’s actual Chief Investment Strategist, to promote a private WhatsApp investment group. After asking seemingly innocent screening questions, it lured users into sharing personal contact details, adding a layer of manipulation that felt legitimate. The associated Facebook page had minimal activity and a suspicious historyâpreviously named ‘Brentlinger Matt Blumm’âindicating the reuse of hijacked social accounts to add credibility and bypass Instagramâs verification systems.
These ads often appear on Instagram via Facebook accounts, taking advantage of Metaâs platform integration. This allows scammers to run Instagram ads without needing an actual Instagram profile, reducing the likelihood of getting flagged early. Moreover, repurposing older Facebook pages helps scammers appear more authentic than they would with freshly created accounts, which are easier for Meta’s systems to identify as suspicious.
Despite being reported, some of these ads remained active for days. EQ Bank responded by emphasizing that the scams were unauthorized and that it was working with Meta to remove them. The bank also alerted its customers, reinforcing the importance of verifying promotions and communication through official channels. Still, the pace of platform moderation appears insufficient to meet the evolving threat. The growing use of high-fidelity branding, deepfake videos, and social engineering tactics underscores a new era of fraud that blends tech savviness with psychological manipulation.
What Undercode Say:
The New Face of Phishing: Tech-Driven, Trust-Oriented
This incident reflects the shifting tactics in digital fraud, where scammers aren’t just relying on sloppy emails or suspicious links anymore. Instead, theyâre crafting well-branded, interactive ad campaigns complete with deepfakes and fake endorsements. These are designed not for mass-volume spamming, but for high-impact deception that specifically targets unsuspecting users who trust familiar brands.
Deepfakes Raise the Stakes
AI-generated deepfake technology has turned traditional phishing into a credibility nightmare. When a user sees a known public figure like BMOâs Brian Belski apparently speaking directly to them in a video, it dramatically lowers their guard. Deepfakes make it easier to fabricate an aura of authority, and that illusion is weaponized to extract critical personal or financial information. We’re no longer just dealing with text-based scamsâwe’re facing immersive, multimedia deception.
Metaâs Loopholes Are Enablers
Metaâs ad infrastructure, while powerful for legitimate marketers, inadvertently enables this fraud. The ability to run Instagram ads via Facebook pages without having an Instagram profile presents a clear vulnerability. It removes the accountability that comes with platform-specific identity verification. The scammers are smartâtheyâre leveraging older, repurposed Facebook pages to bypass age-related red flags, and they’re avoiding the need to grow Instagram accounts from scratch.
Institutional Response Remains Reactive
While EQ Bank and BMO have publicly denounced these scams, their actions are fundamentally reactive. Metaâs response, too, lacks agility. By the time a phishing ad is reported and taken down, it may have already compromised dozens or even hundreds of victims. This delay creates a window of opportunity that scammers exploit with precision.
Scams Disguised as Ads Are Harder to Detect
Traditional spam filters don’t apply to Instagram ads. Because these scams are embedded within Meta’s legitimate ad framework, they often appear with the same visual standards as real campaigns. They use real logos, verified-looking call-to-action buttons, and sometimes even appear on usersâ feeds without prior engagement. This makes them inherently more believable, especially to less tech-savvy users.
Regulatory Gaps Widen the Risk
Canadaâs regulatory response to digital ad-based phishing remains underdeveloped. Thereâs currently no enforceable policy requiring social platforms to vet advertisers claiming to represent financial institutions. This opens the floodgates to impersonation attacks with minimal legal risk for the perpetrators. While the Canadian Anti-Fraud Centre and banks advise consumers to stay vigilant, responsibility is shifting too much onto the user rather than platform accountability.
Consumer Education Is Crucial but Insufficient
While EQ
Conclusion: A Call for Technological and Policy Reform
This evolving scam strategy marks a dangerous fusion of artificial intelligence, marketing psychology, and social engineering. If platforms like Instagram continue to allow such vulnerabilities, and if financial institutions arenât granted more control over brand impersonation on social platforms, users will continue to be easy targets. It’s time for Meta and regulators alike to implement stronger verification processes and enforce ad accountability. Anything less is an invitation for digital disaster.
đ Fact Checker Results:
â
Deepfake scams using BMOâs branding and strategist are confirmed.
â
EQ Bank ads redirecting to phishing domains were real and reported.
â
Meta acknowledged investigations but ads were still active post-report.
đ Prediction:
đ¨ Expect a rise in AI-enhanced fraud on visual platforms like Instagram and TikTok.
đ Financial institutions will be forced to adopt real-time brand protection and user alerts.
đ Regulatory frameworks will tighten, potentially mandating ad vetting for bank-related promotions.
References:
Reported By: www.bleepingcomputer.com
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