NCA Launches Operation Atlantic to Tackle Global Crypto Fraud

Key developments include:

➡️ Targeting Crypto Fraud Victims: The initiative aims to identify and contact individuals who may have been affected by or are at risk of cryptoasset fraud;

➡️ Focus on Approval Phishing: The operation highlights “approval phishing”, a method where victims unknowingly grant fraudsters access to their crypto wallets, often linked to investment scams known as “pig butchering”;

➡️ Public–Private Collaboration: Law enforcement is working alongside Virtual Asset Service Providers (VASPs) to reach victims directly and provide guidance on preventing further losses; and

➡️ International Coordination: The operation involves cooperation between UK, US and Canadian law enforcement.

✅ Firms should strengthen controls around crypto-related fraud, including monitoring for approval phishing indicators, and ensuring effective collaboration with law enforcement and VASPs.