The Globe and Mail reports in its Friday edition that Canadian securities regulators are employing new technology to disrupt fraud, helping them take down more than 3,900 websites peddling investment scams over the past six months. The Globe's Alexandra Posadzki writes that the Canadian Securities Administrators, an umbrella organization made up of provincial and territorial securities regulators, is working with a third party technology service provider that processes millions of reports a day and uses machine-learning algorithms to identify indicators of fraud. Once the fraudulent websites, which include fake investment platforms and cryptocurrency scams, have been identified, the CSA works with Internet service providers to block users from accessing them. The Ontario Securities Commission led the procurement and testing of the technology service. Top executives at the OSC have said they are witnessing a massive surge in on-line scams and fraud, enabled by emerging technologies such as artificial intelligence and cryptocurrency. The technology provider identifies problematic websites by processing 10 million or more reports a day, including DNS, or Domain Name System, registrations and community abuse reports.
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