NCA Cracks Down on Approval Phishing Scams, Freezes $12M in Cryptocurrency

The National Crime Agency (NCA) has launched a major crackdown on approval phishing scams, resulting in the freezing of over $12 million in cryptocurrency funds. Operation Atlantic, which was conducted in collaboration with international partners, aimed to disrupt the activities of fraudulent actors operating globally.

According to reports, more than 20,000 victims were identified across the UK, US, and Canada, demonstrating the widespread nature of the scam. The NCA worked closely with agencies such as the U.S. Secret Service, Ontario Provincial Police, and the Ontario Securities Commission to gather intelligence and freeze the assets.

The operation focused on approval phishing scams, which typically involve victims authorizing access to their crypto wallets through fake investment platforms. This allows attackers to drain funds without further consent. Authorities stressed that the gathered intelligence will be used to support ongoing investigations and efforts to recover stolen cryptocurrency.