US Crypto Fraud Tracking

US government regulator launches tracking system for crypto fraudsters. The California Department of Financial Protection and Innovation (DFPI) has launched a cryptocurrency fraud tracker to help residents "identify and avoid cryptocurrency scams." The regulator said: "As new cryptocurrency scams are reported, DFPI will continuously update this tracker to promptly alert and protect the public."

California Regulator Crypto Fraud Tracking California's Department of Financial Protection and Innovation (DFPI) announced last week the launch of its Crypto Scam Tracker to help people in the state "identify and avoid crypto scams." The financial regulator described:

The tracker details apparent crypto scams discovered while reviewing complaints filed by the public and allows California consumers and investors to do their own research and prevent harm to themselves and others.

The California regulator's Cryptocurrency Fraud Tracker is a searchable database by company name, scam type, or keywords so consumers can learn more about cryptocurrency complaints received by DFPI. Every year, DFPI receives thousands of complaints from consumers and investors; The content of the tracker is based on information that members of the public report to DFPI. The regulator clarified that "it did not verify the damages reported by the complainants."

There's also an accompanying glossary , which is "designed 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 Clotilde Hewlett commented: "Fraudsters are in the shadows, using the public's interest in crypto-assets to take advantage of the most vulnerable Californians." The commissioner added:

With a new crypto-fraud tracker, combined with strong enforcement efforts, DFPI aims to shine a light on these ruthless predators and protect consumers and investors.

There are already several well-known crypto-scam trackers that help investors avoid cryptocurrency-related scams, including Bitcoin Abuse and Scam Alerts . Last week, blockchain data analysis firm Chainalysis published a report showing that crypto-fraud revenue is set to drop 46% in 2022 to $5.9 billion from $10.9 billion a year earlier.

Author: GEximius