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The California Department of Financial Protection and Innovation (DFPI) has launched a cryptocurrency scam tracker to help residents \u201cspot and avoid crypto scams.\u201d The regulator stated: \u201cAs reports of new crypto scams emerge, the DFPI will continually update this tracker to promptly alert and protect the public.\u201d<\/strong><\/p>\n The Department of Financial Protection and Innovation (DFPI) of the U.S. state of California announced last week the launch of its Crypto Scam Tracker<\/a> to help people in the state \u201cspot and avoid crypto scams.\u201d The financial regulator described:<\/p>\n The tracker details apparent crypto scams identified through a review of complaints submitted by the public and allows California consumers and investors to do their own research and prevent harm to themselves and others.<\/p>\n<\/blockquote>\n The Californian regulator\u2019s crypto scam tracker is a database \u2014 searchable by company name, scam type, or keywords \u2014 for consumers to learn more about crypto-specific complaints the DFPI has received. Each year, the DFPI receives thousands of consumer and investor complaints; the tracker\u2019s content is based on information reported by members of the public to the DFPI. The regulator clarified that it \u201chas not verified the losses reported by complainants.\u201d<\/p>\n There is also an accompanying glossary<\/a> that \u201caims to help consumers better understand common scams,\u201d the state regulator continued. \u201cAs reports of new crypto scams emerge, the DFPI will continually update this tracker to promptly alert and protect the public.\u201d<\/p>\n DFPI Commissioner Clothilde Hewlett commented: \u201cScammers are in the shadows using the public\u2019s interest in crypto assets to take advantage of the most vulnerable Californians.\u201d The commissioner added:<\/p>\n 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.<\/p>\n<\/blockquote>\n There are already some well-known crypto scam trackers to help investors avoid crypto-related scams, including Bitcoin Abuse<\/a> and Scam Alert<\/a>. Last week, blockchain data analytics firm Chainalysis published a report showing that crypto scam revenue dropped<\/a> 46% in 2022 to $5.9 billion from $10.9 billion the year prior.<\/p>\nCalifornia Regulator\u2019s Crypto Scam Tracker<\/h2>\n
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