Wisconsin’s Department of Financial Institutions （DFI） launches a new tool to track and combat cryptocurrency fraud and investment scams, aiming to protect investors.
Points
- DFI launches a tracker for crypto fraud and investment scams.
- Nearly $3.55 million lost by Wisconsinites to financial grooming and crypto fraud.
- Tracker aggregates consumer complaints to alert potential threats.
- The initiative aims to enhance public awareness and investor protection.
This initiative, according to the agency, comes in response to nearly $3.55 million lost by Wisconsinites to financial grooming and cryptocurrency fraud between January 2022 and June 2024.
While the DFI doesn’t verify specific details and reported losses, the tracker serves as an alert system for potential threats to crypto investors. It aggregates consumer complaints to compile critical information on various threats, aiding public awareness and making it harder for scammers to deceive investors. The agency noted that it would be regularly updated and searchable by company name, scam type, or keyword.
Currently, the tracker contains 22 entries from past complaints, mostly involving victims of pig butchering scams and fraudulent crypto trading platforms.
The DFI urges Wisconsinites to exercise caution and avoid engaging with unknown entities promising unrealistic returns on cryptocurrency investments.
“Through our new investment scam tracker, combined with rigorous enforcement efforts, the DFI is committed to exposing these ruthless predators and safeguarding consumers and investors.”
Olson-Collins also cautioned about the risks of cryptocurrency transfers, noting their often untraceable and irreversible nature. She advised,
“To be safe, do not give money to anyone you meet online or allow them access to your bank account or digital wallet.”
“If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.”
解説
- The DFI’s new tool enhances investor protection by tracking and alerting against crypto fraud and investment scams.
- Public awareness and caution are crucial in combating financial grooming and crypto fraud.
- Regular updates and comprehensive information in the tracker help deter scammers.
- Investors are advised to avoid engaging with unknown entities and follow safety measures to protect their investments.