With a global fraud summit held in Vienna in March and 124 countries participating, creating special initiatives like Operation Atlantic (see press release below) are positive signs more cooperation and collaboration internationally will be commonplace when it comes to fighting fraud.
Lord Hanson, UK’s Home Secretary, opened this summit, and you will find some important excerpts from his remarks when it comes to fighting fraud.
It is a historic challenge for us, but it is not a new challenge, and in seeking to grip it, we follow in the footsteps of many who have come before us.
For this threat of fraud has bedeviled every generation that has ever existed, from ancient civilizations to the Ponzi schemes of the last century, history is littered with people who want to use fraud to damage our individuals in our society and our businesses.
There are always those who are driven by greed, and there are always those who will stoop to deception. But while this aim never changes, we know now that new developments bring new tricks, and today, as my colleagues have mentioned, is more different than ever before in our society.
Today, in the digital age, the tools and tactics of fraud have evolved beyond anything the scammers and swindlers of the past could ever have imagined, let alone execute.
In my country, the United Kingdom, alone, fraud accounts for 44% of all of our crime, damaging individuals, damaging businesses, damaging our economy, and stopping our ability to grow our economy and trade with our partners. That resource, as mentioned by colleagues from Interpol, is about actually being drawn from the United Kingdom and recycled in drugs, in people trafficking and in other forms of criminal activity.
Behind every statistic lies profound human suffering, individuals defrauded of their hard-earned savings, businesses crippled by ruinous losses. Victims left to count the cost of those responsible, with our economy stalled as a result.
Now, for the UK’s part, we have put in place a strategy which I was pleased to launch only a week ago today in London, the contents of which you’ll hear more about in the Summit as we go on.
But our strategy depends on 6 or 7 really key issues: data sharing, understanding what the data is; international co-operation, working with you and partners to deliver better outcomes; public awareness of fraud across the world at large and across our communities of what the scammers are up to and how the scammers operate; greater support for victims of that journey, so they are registered and we know what their victim journey is; AI, which 4, 5, 6 years ago was not thought of, what’s it going to look like in 4, 5, 6 years’ time, in relation to the scammers who, unlike governments, are unregulated, can do what they please, and we need to be aware of those challenges. And let’s look at what we can do to tackle their assets, to hit their profits and to bring them to justice.
So I’m particularly pleased today that we have political leadership in this room, not just from myself in the United Kingdom, but from countries across the world who are saying no to scammers and no to this action.
The prevalence of fraud today speaks to a truth we must all confront, that criminal gangs do not respect borders, whether in fraud, people smuggling or cybercrime, and the transnational nature of those threats mean that no country – no matter how big or how small – can tackle this challenge alone.
In an online age, not even the most capable, sophisticated government or agency has all the answers, which is why I’m pleased we’re here today, and occasions such as this Summit can really be never more vital.
We need to have speed and agility as the threat demands.
And again, I say to us all today, co-operation, international co-operation, is the only way forward.
The United Kingdom is particularly proud to stand alongside Australia, France, Italy, the United States, New Zealand, Canada, Singapore, Japan, South Korea, and also our private sector partners in Google, Match, Meta, Amazon, Virgin Media and the International Banking Federation in our public-private UK partnership.
Because as crucial as prevention is, it is only one part of the solution.
We know that across the world, the same networks that are perpetrating fraud on the people that we represent in the United Kingdom are also engaged in human trafficking, exploitation and money laundering, and no government should be able to tolerate that level of crime. I’m therefore pleased to announce that the UK government will support the new Interpol led Global Task Force on scam centres.
We will take the fight to these international scale criminal operations head on.
We are never going to stop all fraud, but we have a duty, a duty as society, government, law enforcement and as platforms to make sure that we take this formidable task on. This is one of the defining security issues of our age.
We are called upon to defend our values, uphold our security and to make sure that technology works for the people, not the fraudsters.
For the sake of our citizens, our businesses, our institutions. We have a duty, colleagues, to succeed.
And if we act with that shared purpose, if we draw on the strength of the nations that are present here today, if we draw on the strength of law enforcement that is here today, I believe we can and we will prevail.
March 16, 2026
For Immediate Release
WASHINGTON, LONDON AND TORONTO – This week, law enforcement agencies from the United States, United Kingdom and Canada are conducting Operation Atlantic, a joint international law enforcement initiative focused on identifying victims who may have lost – or are at risk of losing – crypto assets through “approval phishing,” which is often linked to cryptocurrency investment scams.
The operation aims to disrupt organized fraud schemes, assist victims on how to secure assets to prevent further loss, recover stolen funds and raise public awareness about cryptocurrency investment scams. It is co-hosted by the U.S. Secret Service, the UK’s National Crime Agency, the Ontario Provincial Police, and the Ontario Securities Commission.
“Approval phishing and investment scams cost victims millions in financial loss each year,” said Brent Daniels, the Deputy Assistant Director for the U.S. Secret Service’s Office of Field Operations. “During Operation Atlantic, the U.S. Secret Service, alongside our international law enforcement partners, will identify and disrupt these scams in near real-time denying criminals the ability to further profit from their crimes.”
“Operation Atlantic is a strong example of the OSC’s commitment to working across borders to tackle the growing risks posed by scams,” said Bonnie Lysyk, Executive Vice President, Enforcement at the Ontario Securities Commission. “Through our partnerships with the OPP, UK National Crime Agency, and U.S. Secret Service we are using innovative techniques, advanced tools, and extensive expertise to disrupt bad actors and protect investors from the harm they seek to cause.”
Additional agencies participating include the Royal Canadian Mounted Police, the City of London Police, the U.S. Attorney’s Office for the District of Columbia and the UK’s Financial Conduct Authority. The operation is being conducted in close collaboration with private industry partners.
“Approval phishing scams are becoming increasingly sophisticated. Operation Atlantic is designed to protect the public by warning people early and helping them secure their assets,” said Phil Macey, Crypto Manager at the UK’s National Crime Agency. “This joint international operation really brings together strong relationships. Criminals operate across borders, so our response must do the same.” Operation Atlantic builds on the success on Project Atlas, a 2024 Canadian-led operation hosted by the Ontario Provincial Police and attended by the U.S. Secret Service, which targeted international cryptocurrency investment fraud networks.
“Project Atlas demonstrated the power of coordinated disruption. We’re proud to be part of Operation Atlantic, which builds on that approach by uniting international partners to take action in real time,” said Detective Superintendent Jennifer Spurrell, Director of the Financial Crimes Services Bureau at the Ontario Provincial Police. “As fraud becomes increasingly global, this level of collaboration is essential.”
Approval phishing is a scam designed to trick victims into unknowingly granting full access to their cryptocurrency wallet. These scams are often associated with cryptocurrency investment scams, also known as pig butchering. Scammers will send a fake pop‑up or alert that appears to come from a trusted app or service, asking the victim to “approve” access. Once a victim grants the request, criminals gain full control of that crypto wallet allowing them to transfer funds. Once money leaves the victim’s account, these transactions can’t be reversed, and funds are difficult to recover.
If someone believes they are a victim of this type of fraud, please visit the websites below for resources and additional information.
U.S.: www.secretservice.gov/OperationAtlantic
UK: https://www.nationalcrimeagency.gov.uk/news/operation-atlantic
Canada: www.opp.ca/atlas
How to avoid phishing scams | GetSmarterAboutMoney.ca
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca.
