Home LATEST NEWS HIGH TECH Manitoba wants to do more to crack down on cryptocurrency fraud

Manitoba wants to do more to crack down on cryptocurrency fraud

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The money comes from the Forfeiture of Assets Obtained or Used in Crime Fund, said Manitoba Justice Minister Kelvin Goertzen. It will also be used to purchase online transaction tracking software, CipherTrace Where Blockchain Forensics“,”text”:”like CipherTrace or Blockchain Forensics”}}”>as CipherTrace Where Blockchain Forensics.

This additional funding aims to shine the spotlight on those who lurk in the virtual world to prey on their victimssays Goertzen.

In the past week alone, police forces in the cities of Winnipeg and Brandon received more than a dozen reports of fraud targeting seniors, with losses estimated at $100,000.

According to Sergeant Trevor Thompson of the Winnipeg Police Service’s Financial Crimes Unit, criminals increasingly prefer cryptocurrency transactions to cash or other traditional forms of funds transfers.

As cryptocurrencies have become more popular and more widely available, criminal actors have migrated into this space and primarily use cryptocurrencies as a means of receiving funds from their victims.says Trevor Thompson.

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The sergeant says policing now has to adapt.

Tools and training are required to provide the knowledge and skills to conduct in-depth investigations involving cryptocurrencycontinues the policeman.

He notes that specialized training may make it possible to recover some of the stolen funds.

New Statistics Canada data released Wednesday shows a sharp rise in online crimes during the COVID-19 pandemic.

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