The Alberta Security Commission Launches Challenge to Prevent Cryptocurrency Fraud
Cryptocurrency has been an ongoing concern for regulators who face difficulty monitoring fraud and scams. Recently, the Alberta Securities Commission (ASC), the Edmonton Police Foundation, and the Edmonton Police Service have decided to collaborate on a technology contest that seeks to come up with solutions to prevent cryptocurrency fraud.
The ScamShield: Investor Protection Challenge offers up to $130,000 in prizes to propose new ways to protect investors against cryptocurrency scams. This contest comes as the ASC revealed that cryptocurrency fraudsters are leveraging technology and psychological manipulation to deceive investors.
Open to anyone, the contest highlights four key challenges for participants to consider when creating their technological solutions:
- Enhancing coordination and connectivity to increase collaboration among industry participants;
- Facilitating real-time information sharing among industry participants;
- Developing reporting systems; and
- Developing systems to manage information and enhance human behaviour.
With Canada’s fragmented securities regulatory regime, it will be interesting to see if other provinces implement similar initiatives to reduce fraudulent activity.
Author: Adam Dickinson, 2024/2025 Articling Student-At-Law
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