Canadian Authorities Initiate New Project to Combat Crypto Fraud

The Alberta Securities Commission (ASC) has collaborated with the Edmonton Police Foundation (EPF) and the Edmonton Police Service (EPS) to embark on a fresh endeavor aimed at combating cryptocurrency fraud within Canada.

According to an announcement by the Edmonton Police Service, the ScamShield: Investor Protection Challenge is part of the EPF’s Community Solutions Accelerator to address the increasingly rampant cryptocurrency investment schemes in Canada.

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New $96,000 Challenge Targeting Crypto Fraud

This project boasts a prize pool of up to 130,000 CAD (approximately $96,000) dedicated to visionary proposals that fortify investor safeguards and address the mounting issue of cryptocurrency-based scams in Alberta.

The challenge opens invitation to diverse participants, encompassing academia, technology, and innovation sectors, to submit innovative strategies for combating crypto investment fraud.

Submissions will be accepted until November 4.

Data from the ASC indicates that over 60% of the $309 million in reported investment frauds in Canada last year involved crypto assets.

Losses exceeded $7 million in Edmonton alone, underscoring the urgency for fresh solutions to safeguard investors and strengthen local capital markets.

“Anyone can be the victim of a scam and the impact can be devastating,” said ASC’s Director of Enforcement Cynthia Campbell.

“We are partnering with the EPF and EPS and hoping to engage more disciplines so that together we can find new ways to address this significant issue, protect more Alberta investors, and strengthen our capital market,” said Campbell.

Police Deputy Chief Warns Against Rising Schemes

Deputy Chief Devin Laforce of the Edmonton Police Service underscored the ever-evolving nature of online fraud, emphasizing that perpetrators are increasingly leveraging technology and the public’s unfamiliarity with cryptocurrency to deceive unsuspecting investors.

“Online crypto investment fraud has become a preferred technique for scammers, taking advantage of the general public’s lack of experience with crypto as a high-risk investment vehicle, and the inherent challenges in tracing cryptocurrency transactions,” stated Laforce.

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