The California Department of Financial Protection and Innovation (DFPI) has launched a cryptocurrency scam tracker to help residents “identify and avoid cryptocurrency scams.” The regulator stated: “As new crypto scams are reported, DFPI will continually update this tracker to promptly alert and protect the public.”
California Regulator Tracks Crypto Fraud
The California Department of Financial Protection and Innovation (DFPI) announced last week the launch of its Crypto Fraud Tracking to help people in the state “identify and avoid crypto scams”. The financial regulator described:
The tracker details apparent crypto scams that have come to light through complaints filed by the public and allows California consumers and investors to conduct their own research and prevent harm to themselves and others.
The California regulator’s crypto-fraud tracking system is a database that can be searched by company name, fraud type, or keywords so that consumers can learn more about crypto-related complaints received by the DFPI. Every year DFPI receives thousands of complaints from consumers and investors; The content of the tracker is based on information provided by members of the public to the DFPI. The regulator clarified that it “did not verify the losses claimed by the claimants.”
There is also an accompanying glossary it “aims to help consumers better understand common scams,” the state regulator continued. “As new crypto scams are reported, DFPI will continually update this tracker to promptly alert and protect the public.”
DFPI Commissioner Clothilde Hewlett commented: “Scammers are in the shadows, using the public interest in crypto assets to take advantage of the most vulnerable Californians.” The Commissioner added:
With a new crypto-fraud tracker, coupled with rigorous enforcement efforts, the DFPI aims to shed light on these ruthless predators and protect consumers and investors.
There are already several well-known cryptocurrency scam trackers that help investors avoid cryptocurrency-related scams, including Bitcoin Abuse And Fraud warning. Last week, blockchain data analytics company Chainalysis published a report showing that proceeds from crypto fraud fallen up 46% in 2022 to $5.9 billion from $10.9 billion a year earlier.
What do you think of the crypto scam tracker launched by the California state regulator? Let us know in the comments below.
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Credit : news.bitcoin.com
