The Ontario Provincial Police has launched a new initiative to help protect people from global cryptocurrency fraud.
Project Atlas, an initiative of the OPP’s Cyber-Enabled Fraud Team, has a focus of disrupting organized fraud, supporting victims in the recovery of stolen funds and educating the public about cryptocurrency investment scams.
In 2023, a total of $309.4 million in investment fraud was reported to the Canadian Anti-Fraud Centre. A majority of that was crypto fraud, said Det.-Const. John Armit, a member of the OPP Anti-Rackets Branch.
“We know that many of our fraudsters who are committing these frauds are attached to global organized groups,” he said in a launch event that was streamed online.
The Cyber-Enabled Fraud Team was established in 2023 to investigate and prevent digital technology-based fraud, including cryptocurrency fraud and phishing, to protect people and businesses from cyber-related financial loss.
As part of Project Atlas, the specialized OPP team will work with anti-fraud and other law enforcement partners to help make it safer for people to take part in digital currency markets.
Cryptocurrency is a digital or virtual currency, with bitcoin being a well-known and early form of such currency, with people having the ability to buy or exchange tokens or currency though digital accounts.
The OPP says cryptocurrency investment fraudsters will trick people into putting their money into fake crypto accounts.
People might see ads on social media, dating apps or search engines, promising quick profits. Victims may start with small investments and fraudsters may then suggest to the person to download a trading app or set up a cryptocurrency wallet. Fraudsters may also use an approval phishing tactic, whereby they seek permission to move the victim’s tokens on their behalf.
Eventually, however, victims find they can’t access or withdraw their funds, the OPP says.
Armit said the OPP is not trying to dissuade people from trading cryptocurrency, but to make people aware of some of the risks involved.
The OPP says investigators may reach out to victims or to people who may have information that may be helpful to an investigation with proactive calls either by phone or email.
The OPP says the purpose of proactive calls is to support in cryptocurrency recovery efforts for the victim or to support the prosecution of offenders.
Det.-Sgt. Lynn Danis, lead investigator with the team, says the OPP can’t promise funds will be recovered, but it is one of the team’s aims.
The team can also provide some education to victims, such as teaching them how to revoke permissions to help prevent them from being victimized another time.
The project will also be raising public awareness. Project Atlas has various resources to help protect people from fraud and what to do if they are a victim of fraud.
An important part of preventing fraud, Amrit said, is police need victims to report it.
“In order to disrupt these acts and activities of these criminals worldwide, it’s really essential that victims or attempted victims come forward and report their fraud to law enforcement and to the Canadian Anti-Fraud Centre,” he said.
He said when people come forward, their testimonials help police understand the emerging trends, which can then help law enforcement to stop them.
