The California Department of Financial Protection and Innovation (DFPI) has launched a cryptocurrency scam tracker to help residents “spot and avoid cryptocurrency scams.” The regulator stated: “As reports of new crypto scams emerge, DFPI will continually update this tracker to immediately alert and protect the public.”
California Regulator Crypto Scam Tracker
The Department of Financial Protection and Innovation (DFPI) of the US state of California announced last week the launch of its Crypto Scam Tracker to help people in the state “spot and avoid crypto scams.” The financial regulator described:
The tracker details apparent crypto scams identified through a review of 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 Crypto Scam Tracker is a database, searchable by company name, type of scam, or keywords, for consumers to learn more about specific crypto complaints the DFPI has received. Each year, the DFPI receives thousands of complaints from consumers and investors; the content of the tracker is based on information reported by members of the public to the DFPI. The regulator clarified that it “has not verified the losses reported by the complainants.”
There is also an accompaniment glossary which “aims to help consumers better understand common scams,” the state regulator continued. “As reports of new crypto scams emerge, DFPI will continually update this tracker to immediately alert and protect the public.”
DFPI Commissioner Clotilde Hewlett commented: “Scammers are behind the scenes using public interest in crypto assets to take advantage of the most vulnerable Californians.” The commissioner added:
Through the new crypto scam tracker, combined with rigorous enforcement efforts, the DFPI is committed to shining a light on these ruthless predators and protecting consumers and investors.
Some well-known crypto scam trackers already exist to help investors avoid crypto-related scams, including bitcoin abuse and scam alert. Last week, blockchain data analytics firm Chainalysis published a report showing that revenue from crypto scams abandonment 46% in 2022 to $5.9 billion from $10.9 billion the year before.
What do you think about the crypto scam tracker launched by the California state regulator? Let us know in the comments section.
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