According to the Manitoba government – capital city of Canada – cybercrimes have frantically increased by 370% between the year 2016 to 2020. With the increase in the fan following for the cryptocurrency market, criminal entities are making a move into digital crimes. The criminals in the cryptocurrency industry are extracting funds from the investors in various ways. To compete with these crimes the police must be ready to counter such threats and be super adaptive.
Winnipeg Police Gets 100,000 CAD as Funds
The Winnipeg police service received funds from the Criminal Property Forfeiture Fund in order to get training in the Cryptocurrency Tracing Certified Examiner course. The government funded the Winnipeg police with 100,000 Canadian Dollars (CAD), equivalent to 78,000 USD.
Kevin Goertenz, the Provincial Justice Minister, said that the offered money from the Criminal Property Forfeiture Fund will be used to put five deserving police members through Cryptocurrency Tracing Certified Examiner training program, as well as to purchase advanced professional softwares to trace cybercrime activities such as Blockchain Forensics and Cipher Trace.
Sargent Trevor Thompson from the Financial Crime Unit of Winnipeg police said in his statement that our officers get approximately six to eight cyber crime reports in a day. Most of these reports talk about fraudulent investment schemes which extracts money from the newly added inventors in the crypto currency market. Moreover, there are times when the criminal entities are located outside the Canadian bounds.
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Cyber Crimes at a High Rise
In a conference lately, Thompson told a news channel that the majority of frauds happening in and around Canada and Winnipeg are using Crypto in traditional ways. These include the romance frauds and majorly the employment frauds which leads to life-altering financial downfalls and emotional distress.
The Manitoba Securities Commission is working rigorously to fight against the cyber crimes, specifically the ones related to the crypto market. The government authorities are warning people about several criminal schemes encircling the crypto currency investors. The Manitoba Criminal Property Forfeiture Fund has distributed a huge amount of money to give a strong fight against the Crypto-based crimes. Since the foundation back in 2009 Criminal Property Forfeiture Fund has distributed more than 20 Million CAD, equivalent to 15 Million USD.