Cryptocurrency scams and cyber fraud trends have become increasingly prevalent avenues for money laundering, presenting novel challenges in Canada’s financial landscape. This panel discussion explores the latest manifestations of fraudulent activities, including romance scams and the peculiar “pig butchering” schemes, within the cryptocurrency domain. As perpetrators continually adapt their tactics to exploit digital platforms, understanding and navigating the evolving crypto investment fraud landscape is crucial for financial institutions and law enforcement agencies alike. During this critical discussion, we will explore:

• Examination of the rise of romance scams and “pig butchering” schemes as emerging trends in cryptocurrency fraud
• Analysis of the techniques employed by criminals to launder money through cryptocurrency channels
• Exploration of the challenges faced by financial institutions in detecting and preventing cryptocurrency-related fraud and money laundering
• Discussion on the role of regulatory bodies and law enforcement agencies in combating cryptocurrency scams and cyber fraud
• Recommendations for enhancing cybersecurity measures and regulatory frameworks to address the evolving threat landscape posed by cryptocurrency-related illicit activities