The Alberta Securities Commission (ASC) is teaming up with the Edmonton Police Foundation (EPF) and Edmonton Police Service (EPS) to start a new project aimed at tackle crypto fraud in Canada.
The Edmonton Police Service announced the project called ScamShield: Investor Protection Challenge. It’s part of the EPF’s Community Solutions Accelerator, created to tackle the growing number of cryptocurrency scams in the country.
Tackle crypto fraud: A community challenge with big rewards
The project offers a prize pool of up to 130,000 CAD (about $96,000) for creative ideas that improve investor protection and tackle the rising issue of crypto scams in Alberta.
The challenge is open to participants from all backgrounds, including students, tech experts, and innovators, who can suggest effective ways to fight crypto investment fraud. Proposals can be submitted until November 4.
According to the ASC, more than 60% of the $309 million in reported investment frauds in Canada last year involved crypto assets. In Edmonton alone, losses exceeded $7 million, showing the urgent need for new solutions to protect investors and boost local markets.
“Anyone can fall victim to a scam, and the effects can be devastating,” said Cynthia Campbell, ASC’s Director of Enforcement.
“We are joining forces with the EPF and EPS, hoping to involve more experts so we can find new ways to address this major issue, protect Alberta investors, and strengthen our capital market,” Campbell added.
Deputy Chief Devin Laforce of the Edmonton Police Service highlighted how online fraud is changing, with scammers using new technology and the public’s lack of knowledge about crypto to trick investors.
“Scammers are now favoring online crypto investment fraud because many people aren’t familiar with crypto, which is a risky investment, and it’s hard to trace these transactions,” Laforce explained.
