Crypto scams have become a global threat, with scammers luring crypto enthusiasts into their fraudulent projects via highly lucrative advertisements and social media posts. Despite ongoing efforts by governments to tackle this problem, the number of scams is still rising rapidly. However, California has now stepped in, taking a hardline approach that will rattle the crypto scammers.
The California Department of Financial Protection and Innovation (DFPI) has astounded the public with its groundbreaking new Crypto Scam Tracker unveiled on Thursday. The tool offers investors a means to vet potential crypto scams before falling victim to fraudulent schemes. It further highlights the behavior patterns of scammers so that people can identify fake investment opportunities and projects.
Don't fall prey to crypto scams! Our new Crypto Scam Tracker helps protect Californians from fraud. Search the database by company/scam type, and file a complaint online if needed. Learn more at https://t.co/INCD8IERQ8. #CryptoScamTracker #ConsumerProtection #CryptoNews pic.twitter.com/T9v841ESNG
— CA Department of Financial Protection & Innovation (@CaliforniaDFPI) February 16, 2023
The DFPI’s searchable website holds the repository of grievances reported about likely crypto frauds. Although not substantiated, these complaints allow users to access real-world tales that illustrate what can happen if one is negligent when considering cryptocurrency investments – a vivid reminder that exercising caution can prevent unwanted fiscal losses.
What are the Other Features Offered by the Tracker
Furthermore, the tracker also offers keyword searches to detect similarities between pitches that have been sent to potential investors and scams reported by other customers.
The glossary further provides an insightful overview of the range of common scams out there. Those with experience in the industry will find this tracker helpful for staying abreast of any new scam trends or tactics, while new investors can use it as an educational guide.
Overall the launch of California’s crypto scam tracker is a welcome development in tackling fraud within the digital currency industry. It showcases the state regulator’s commitment to ensuring that investors are protected in California and empowered when dealing with cryptocurrencies.