With Calgarians reporting a financial loss of $13.9 million to cryptocurrency-related crimes to Calgary police last year and an additional $3.2 million so far this year, the Calgary Police Service is entering into a unique partnership with Chainalysis, a global blockchain data platform, to help combat crypto-crime.
The new collaboration will create and launch an innovative cybercrime training hub that will assist local and national law enforcement with cryptocurrency related investigations.
Cybercrimes, particularly cryptocurrency scams, can be difficult for law enforcement to fully investigate due to a variety of complex factors, including various international locations and jurisdictions, sophisticated criminal techniques and quickly advancing technology.
New York’s Chainalysis provides substantial data, software and research services to government agencies, financial institutions, cybersecurity companies and now law enforcement organizations.
Together, with Chainalysis, the Calgary Police Service Cyber Forensics Unit has created the CPS Blockchain Investigation Team (BIT), dedicated to support cryptocurrency and blockchain-related investigations.
The creation and implementation of the Western Canada Cryptocurrency Investigations Centre will strengthen the police service’s ability to ensure the public safety of citizens, allow for proactive policing, enhance technical investigative skills and provide expert training resources for law enforcement.
Typically, cryptocurrency scams are vastly underreported due to the complex nature and investigative limitations that often create challenges in fully pursuing reports of this type of criminal activity. This partnership will position the Calgary Police Service as leaders in advancing critical investigative abilities for law enforcement when it comes to cybercrime.
“Cyber is quickly becoming a component of most criminal activity, and often requires collaboration between law enforcement and other expert industries,” said Chief Constable Mark Neufeld of the Calgary Police Service.
“We are thrilled to be part of an innovative partnership with Chainalysis where cybersecurity expertise is shared amongst the Calgary Police Service and private enterprise. This unique partnership will help strengthen cybersecurity and safety among residents of Calgary, Alberta and Canada.”