The police service of Winnipeg (the Canadian province of Manitoba’s capital) will now be in a relatively good position to handle the execution of cybercrime via cryptocurrency, as funding of up to $100,000 worth of Canadian Dollars (CAD) has been given to the agency on the behalf of the provincial authorities.
Provincial Government Gives Funding to Winnipeg Police to Fight Crypto Crime
Kevin Gerotzen (the Provincial Justice Minister) stated that funds taken from the illegally earned money by the criminals will be kept in the Criminal Property Forfeiture Fund and will be utilized to train up to 5 police service members through a program called Cryptocurrency Tracing Certified Examiner, along with buying specialized program to track the cybercrime operations like Blockchain Forensics and Cipher Trace.
As per the Manitoban authorities, the frequency of cybercrimes has raised by nearly 370% from 2016 to 2020. An official belonging to the financial crime branch of the Winnipeg police “Sgt. Trevor Thompson” mentioned that with the rise in the popularity, availability, as well as use of cryptocurrency on a wide scale, malicious people have presently swarmed the respective world, and cryptocurrencies are chiefly used by them as a source to victimize their targets and snatch their funds.
Crypto-Related Cybercrime Increases with Time
He added that to confront the growth in crypto usage for criminal purposes by huge enterprises, there is an adaptation required for the police department. Thompson also disclosed that the number of daily reports regarding cybercrime is approximately 7 or 8, and they majorly deal with the deceitful projects that exploit innocent people out of their lack of knowledge regarding the normal methodology with which the crypto space operates.
Several times the criminal institutions (that are engaged in such activities) are not based within the jurisdiction of Canada. Another problem that is faced by the police is the anonymity of crypto-related criminals. Thompson revealed in a news conference that most of the frauds across Canada are done through crypto in the conventional romance scams as well as the online employment frauds resulting in huge financial losses as well as emotional agony.
Apart from that, the Manitoba Securities Commission is now active against cybercrime dealing with cryptocurrency and has cautioned the common masses about the diversity of criminal plans. Above CAD 20M has been disseminated by the Manitoba Criminal Property Forfeiture Fund since it was established in 2009.