Prompted by the impacts of fraud and scams, The Alberta Securities Commission (ASC), Edmonton Police Foundation (EPF) and Edmonton Police Service (EPS), partnered in 2024 to launch the ScamShield: Investor Protection Challenge to find new and innovative solutions to tackle online crypto investment fraud.
Fraudsters use a variety of tools, like AI-driven scams, fake investment platforms and deepfake social media content, paired with psychological tactics, such as romance scams and financial grooming, to deceive investors and cause harm.
The challenge received more than 30 submissions, with Stingray Security selected as one of two top concepts to move forward in development.
“Everyone deserves to feel safe online. We built Stingray so anyone can start using state-of-the-art protection in seconds, whether at work, at home or to protect loved ones – all for free,” says Ian MacKinnon, Stingray’s co-founder and chief technology officer. “We have heard from people who want to protect technology used by parents, grandparents and children, giving peace of mind. We have also heard from employers who want to use Stingray at work, ensuring cost-effective safety for employees without requiring technical expertise. The AI renaissance has enabled us to deliver this online safety tool, and we’re going to continue to evolve to build on that protection.”
Stingray Security protects users beyond identifying online crypto investment scams. Using in-browser technology, it flags and blocks phishing websites, fake investment platforms and other malicious scams in real time. Stingray Security is available free of charge and can be downloaded in the Google Chrome Web Store.
“I’m thrilled to see this innovation coming out of our Community Solutions Accelerator,” says Ashif Mawji, EPF board member. “The ScamShield: Investor Protection Challenge highlights our commitment to combating financial fraud and fostering safe online environments.”
“Online investment scams have emerged as a preferred method for fraudsters, exploiting the public’s limited experience in the fast-changing world of digital finance,” says chief innovation and technology officer, Ron Anderson with the Edmonton Police Service Innovation and Information Bureau. “As law enforcement, our mission goes beyond holding perpetrators accountable. We must also build public confidence in the integrity of our financial systems. The Stingray Security solution is another powerful tool that investors can use to safeguard themselves and avoid becoming victims of these devastating crimes.”
Hilary McMeekin, director of communications & investor education with the ASC, added, “Canadians lost approximately $310 million to investment scams in 2024, according to the Canadian Anti-Fraud Centre, and we know that the incidence of fraud is trending upward among many demographics. The ASC recognizes that stopping online investment fraud requires a comprehensive approach and we are pleased that Stingray Security will be another tool available to help investors spot the red flags of fraud and avoid potential harm.”
In addition to tools like Stingray Security, the ASC’s CheckFirst.ca website includes a broad range of helpful financial literacy information and resources. Another important step investors can take to protect themselves from scams is to check that the individual, firm or platform that they plan to invest with is registered with Canadian securities regulators. Checking registration is easy and free. Visit the CheckFirst website at aretheyregistered.ca.
