Law enforcement agencies from the United States, United Kingdom, and Canada are conducting Operation Atlantic this week, a joint initiative aimed at identifying victims of cryptocurrency fraud and preventing further losses. The operation focuses on "approval phishing," a tactic often linked to cryptocurrency investment scams, according to a Mar. 16 announcement by the U.S. Secret Service.
Operation Atlantic seeks to disrupt organized fraud schemes, help victims secure their assets, recover stolen funds, and raise public awareness about crypto investment scams. The effort 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, 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.”
Bonnie Lysyk, Executive Vice President of Enforcement at the Ontario Securities Commission said: "Operation Atlantic is a strong example of the OSC's commitment to working across borders to tackle the growing risks posed by scams. 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 participating agencies include the Royal Canadian Mounted Police, City of London Police, U.S. Attorney’s Office for the District of Columbia and UK’s Financial Conduct Authority. Private industry partners are also involved in supporting efforts.
Paul Foster, Deputy Director of Cyber at the UK’s National Crime Agency said: “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. This joint international operation further enhances our strong partnerships. Criminals operate across borders so our response must do the same.”
The operation builds on Project Atlas—a Canadian-led initiative hosted by Ontario Provincial Police in 2024—which targeted international cryptocurrency investment fraud networks with participation from U.S. authorities.
Detective Superintendent Jennifer Spurrell of Ontario Provincial Police said: “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. As fraud becomes increasingly global this level of collaboration is essential.”
Approval phishing involves tricking victims into granting full access to their cryptocurrency wallets through fake pop-ups or alerts that appear legitimate; once access is granted scammers can transfer funds out irreversibly.
Resources for potential victims are available through official websites provided by authorities in each country.
