The Alberta Securities Commission, working with the Edmonton Police Foundation and the Edmonton Police Service, published an update on the ScamShield: Investor Protection Challenge, naming two winning concepts to help address online crypto investment fraud. A panel of judges selected the concepts from more than 30 submissions received since the challenge launched in September 2024. The winning tools will undergo further stress testing and are intended to be added to the Alberta Securities Commission’s investor protection resources on CheckFirst.ca. The update also highlighted the scale of the risk, with the Alberta Securities Commission estimating that in 2023 more than 60 per cent of the CAD 309 million in investment fraud reported to the Canadian Anti-Fraud Centre was tied to crypto schemes. More information on the winning solutions is expected to be shared in the coming months.
Alberta Securities Commission 2025-01-28
Alberta Securities Commission selects two winning concepts in ScamShield challenge to counter online crypto investment fraud
The Alberta Securities Commission, with the Edmonton Police Foundation and Edmonton Police Service, announced two winning concepts from the ScamShield: Investor Protection Challenge to combat online crypto investment fraud. These tools will undergo stress testing and may be integrated into the Commission's investor protection resources. In 2023, over 60% of the CAD 309 million in reported investment fraud was linked to crypto schemes.