winnipeg police, the capital of the Canadian province of Manitoba, will be better prepared to deal with the use of cryptocurrencies in cybercrime, thanks to 100,000 Canadian dollars (CAD), almost $78,000, in funding provided by the provincial government.
Provincial Justice Minister Kevin Goertzen said on Wednesday that the money from the Criminal Assets Forfeiture Fund will be used for five additional members of the police service to complete the “Certified Cryptocurrency Tracking Examiner” training program, as well as to purchase specialized software for track cybercrime activitiessuch as CipherTrace and Blockchain Forensics.
According to the Manitoba government, cybercrime has increased by more than 370% between 2016 and 2020. Sergeant Trevor Thompson of the Winnipeg Police Financial Crimes Unit said in a statement:
“As cryptocurrencies have grown in popularity and become more accessible, criminal actors have now migrated into this space and are primarily using cryptocurrencies as a means of extracting funds from their victims. To combat the rise in the use of cryptocurrencies in criminal enterprises, law enforcement must adapt.”
Thompson went on to say that his office receives seven to eight cybercrime reports a day, most related to fraudulent investment schemes that take advantage of a victim’s lack of understanding of how cryptocurrencies work.. Many times the criminal organizations involved are located outside of Canada. Anonymity is also an issue in crypto-related crimes, he added.
Thompson told a news conference that most scams in Winnipeg and across Canada now use cryptocurrency in “traditional” romance scams and online employment scams, leading to “life-altering financial losses and emotional distress.”
The Manitoba Securities Commission is also active in the fight against crypto-related cybercrime and has warned the public of a number of criminal schemes. The Manitoba Criminal Assets Forfeiture Fund has distributed more than 20 million Canadian dollars, or about $15 million, since its inception in 2009.
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