Top concepts from ScamShield: Investor Protection Challenge selected to move forward

CALGARY, AB, Jan. 28, 2025 /CNW/ - The Alberta Securities Commission (ASC), in partnership with the Edmonton Police Foundation (EPF) and Edmonton Police Service (EPS), is pleased to provide an update on the ScamShield: Investor Protection Challenge.

Launched in September 2024, the challenge called for innovative solutions to address the growing threat of online crypto investment fraud. More than 30 submissions were received, and a diverse panel of judges selected two concepts that demonstrated the best approaches to tackling this pressing issue.

"We look forward to the further development of these two ideas and their potential to make a meaningful impact in combatting online crypto investment fraud," said Stan Magidson, Chair and CEO of the ASC. "We congratulate the winners and thank everyone who participated in this challenge for their dedication to investor protection."

"The solutions presented through ScamShield highlight the power of collaboration and innovation in addressing this complex and pervasive issue," said Ashif Mawji, Past Chair of the Edmonton Police Foundation.

"While police continue to investigate the increasing amount of crypto investment frauds, it's encouraging to see so many people in the community united through the ScamShield challenge to address this particular type of fraud," said Deputy Chief Devin Laforce with the EPS Investigations and Support Services Bureau.  "Law enforcement can't tackle this problem alone, but with collective efforts like this, we can reduce these incidents and provide essential education and awareness to help Edmontonians identify this type of fraud. Thank you to everyone who participated in the challenge, and congratulations to the winners!"

More information about the winning solutions will be shared in the coming months. After they have undergone further stress testing, these tools will serve as an important addition to the ASC's investor protection resources available on CheckFirst.ca.

Online crypto investment fraud continues to evolve, and Alberta investors remain a target of sophisticated scams. The ASC estimates that in 2023, more than 60 per cent of the $309 million in investment fraud reported to the Canadian Anti-Fraud Centre was tied to crypto schemes. As part of the EPF's Community Solutions Accelerator, ScamShield put forth a challenge to innovators to develop a solution to online crypto investment fraud that would complement the work already being done by the ASC and law enforcement.

EPS and the EPF were the first to bring the Community Solutions Accelerator approach to policing in North America in 2020. The Community Solutions Accelerator leverages expertise, data, technology, and support from multiple sources to work collectively on challenges that have been identified by the community, social agencies, healthcare, and law enforcement.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission