US, UK, and Canada have launched a major joint effort to stop organized crypto fraud networks

The United States, the United Kingdom, and Canada have launched a program called Operation Atlantic that specifically targets approval phishing attacks. 

The collaboration begins on a very complicated note between these traditional allies. Currently, in the Middle East, military exchanges and the closure of the Strait of Hormuz have put significant strain on international relations.

Commercial disputes over shipping and insurance have also created friction between the U.S., UK, and Canada. However, none of that tension appears to have spilled over into their willingness to pool resources to target the threat of financial crime globally.

What is the approval phishing threat?

Victims of approval phishing scams are usually targeted by crypto criminals who aim to build trust with them, making it easier to trick them into giving up control of their digital wallets.

The United States Secret Service (USSS), the United Kingdom’s National Crime Agency (NCA), Canada’s Ontario Provincial Police (OPP), and Ontario Securities Commission (OSC) have formed the Operation Atlantic alliance targeting approval phishing scammers.

Unlike traditional phishing, which tries to steal a password, approval phishing tricks a victim into signing a “permission” on the blockchain that then gives a criminal full control over the funds in a person’s cryptocurrency wallet.

In these cases, a fraudster spends weeks or even months building a relationship with a victim, posing as anything from a romantic interest to a successful investment mentor. Law enforcement calls this process “pig butchering.” Once trust is established, the criminal encourages the victim to use a specific app or platform to invest in crypto.

The victim may see a pop-up or notification that looks like it is from a legitimate service asking them to approve or verify their account. If a victim clicks approve, they have granted the criminal the right to move any amount of money out of their wallet at any time, and because blockchain transactions are permanent and irreversible, once the money is moved, it is almost impossible to get back.

The FBI’s Internet Crime Complaint Center (IC3) shows that investment scams involving cryptocurrency accounted for over $6.5 billion in losses. By 2025, some reports estimated that total crypto crime losses had reached a record $17 billion. Older adults are often the primary targets, with those over age 60 reporting the highest financial losses.

International agencies work together to stop cryptocurrency crimes

Crypto criminals often live in one country, use servers in another, and target victims in a third in a bid to cover their tracks, making it impossible for a single nation to stop them alone.

Before Operation Atlantic, there was Project Atlas, a 2024 operation led by the Ontario Provincial Police. Project Atlas proved that the U.S. and Canada can put an end to international operations when they share intelligence and digital tools.

The agencies involved in Operation Atlantic are using advanced tools to monitor scam networks in real-time.

Once malicious websites and domains are identified, investigators can warn potential victims and help them secure their assets with help from private industry partners like tech companies and crypto exchanges.

Other participating groups include the Royal Canadian Mounted Police (RCMP), the City of London Police, the U.S. Attorney’s Office for the District of Columbia, and the UK’s Financial Conduct Authority (FCA).

Operation Atlantic follows the model of the FBI’s Operation Level Up program, during which agents contacted over 8,000 victims of crypto fraud to tell them they were being scammed. Surprisingly, nearly 77% of those victims had no idea they were in danger until the government called them.

Law enforcement officials have stressed that public education is just as important as police work. The Ontario Securities Commission (OSC) and the UK’s Financial Conduct Authority (FCA) are launching awareness campaigns to teach investors how to spot red flags.

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