Ads are circulating on Instagram impersonating well-known banks like the Bank of Montreal (BMO) and EQ Bank, with a clear goal: to deceive Canadian users through phishing scams and investment fraud.
Some of these ads even use fake videos generated with artificial intelligence (yes, those infamous deepfakes) to pose as bank representatives and trick users into giving up personal information. Others simply copy the official branding and redirect users to websites that look legitimate but have nothing to do with the actual banks.
Cybercriminals Imitate Bank Branding to Trick You
There has been a surge in Instagram ads that, at first glance, appear to come from Canadian banks—but they’re not. For example, one ad claims to be from “Eq Marketing” and closely mimics the logo, colors, and style of EQ Bank. It even promises an “attractive” 4.5% interest rate to grab attention.
But when you click the link, it takes you to a fake website with a name like RBCpromos1[.], which has absolutely no connection to EQ Bank. It’s a phishing site designed to steal your banking credentials by pretending to be something legitimate.
Fake EQ Bank Ad (Source: BleepingComputer)
The fact that the fake domain includes “RBC” in its name also suggests it may have been used in other scams targeting RBC or Royal Bank of Canada customers—one of the country's largest banks.
If someone clicks on the button that says “Yes, continue with my account,” they’re taken straight to a fake login screen that looks like EQ Bank’s interface but is actually designed to steal banking information.
In contrast, legitimate EQ Bank ads—such as those seen on platforms like Reddit—redirect to the official site, eqbank.ca, and typically offer more realistic, non-exaggerated interest rates.
Legitimate EQ Bank Ad Seen on Reddit
Deceptive Deepfakes: Scammers Pose as Financial Experts
A fake ad circulating as an Instagram Story features what appears to be a video of a BMO investment strategist, titled “BMO Belski.” In the video, users are asked questions like, “How long have you been investing in stocks?”
At first glance, it seems normal—many brands use similar questions to better understand potential customers before offering services.
But in this case, it's just a façade. After answering, users are directed to a screen where they’re prompted to share their contact information with the so-called advertiser, none other than the fake “BMO Belski.” It’s all part of the scam.
This ad is very well disguised: not only does it misuse the BMO name, but it also gives the impression of being endorsed by Brian Belski, who is in fact the bank’s Chief Investment Strategist and a well-known figure in the financial world. For someone unaware, it might seem completely legitimate—like they’re getting advice from a real expert.
There are also versions of the so-called “BMO Belski” ads that used AI-generated videos, realistically mimicking Belski, to invite people to a supposed “private investment group on WhatsApp.” Another tactic to earn trust... and then exploit it.
Fake 'BMO Belski' Ads Feature AI-Generated Deepfake Videos
Read more: How AI is Transforming Malware and Cybercrime?
The Behind-the-Scenes Trick: Instagram Ads Without Real Accounts
A recurring tactic in these scams is that the accounts running the Instagram ads… don’t actually exist on Instagram. It sounds strange, but that’s how it works. Scammers use Facebook pages (such as one named “BMO Belski,” for instance) that have some activity and followers, but no presence on Instagram.
This is possible thanks to a Meta feature that allows ads to be published on Instagram directly from a Facebook page—without needing a corresponding Instagram account. Why do they do this? Likely to avoid the hassle of creating and growing an Instagram profile, which could raise red flags if it looks too new or has very few followers.
In the case of this Facebook page, for example, even though it had over a thousand followers, it only had two recent posts and was originally created in October 2023—under a completely different name: “Brentlinger Matt Blumm.” This clearly shows that scammers recycle old or hijacked pages to appear more credible, sidestepping the suspicions that would arise from starting fresh.
Creating a new page would be too obvious, while using an older one with some history and followers (even if they're bots) gives scammers a more legitimate appearance.
What’s most concerning is that even after these ads were reported, they remained active for several days. This highlights how difficult it is to stop these kinds of campaigns quickly—and how much scammers can take advantage of that window to keep luring in victims.
Both the affected banks and Meta are now aware of these frauds. Spokespeople have stated they’re working to take down the ads as quickly as possible, emphasizing that the banks do not endorse or tolerate them in any way.
They also reminded customers that security is a top priority and urged them to be skeptical of social media promotions promising “easy profits” or unusually high interest rates. Always verify through official channels.
What Should You Keep in Mind?
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Don’t trust an ad just because it features official logos or even comes from a “verified” account.
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Check carefully where the link leads. If the domain isn’t the bank’s official website, get out immediately.
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And remember the golden rule of the internet: if it sounds too good to be true, it probably is.
Scams are becoming more sophisticated, but with a little caution, you can avoid falling for them.