The California Department of Financial Protection and Innovation (DFPI) yesterday launched the DFPI Crypto Scam Tracker. The tracker provides details of identified crypto scams, as reported by the public, to allow investors and consumers to research and prevent potential loss or harm.
The tracker includes a glossary of information that users can search using keywords and phrases to access more data. The department receives thousands of complaints every year and compiles them into the tracker.
It also gets updated with new data on the scams as soon as they are reported to keep the public updated. Similar patterns in the scammers’ operations can be spotted by going through data on the tracker.
Clothilde Hewlett, DFPI Commissioner, made some comments on the launch. He said the department is working rigorously to spotlight the predators and keep society safe. In his words, “Scammers are in the shadows using the public’s interest in crypto assets to take advantage of the most vulnerable Californians.”
According to the press release by the DFPI, imposter scams are the most common crypto scams. The perpetrators use the names of legitimate websites and companies to lure users into sending money to them. The DPFI advises consumers to conduct adequate research before sending money to anyone online.
In December 2022, the DFPI posted 17 warnings on the consumer alert page about fraudulent websites and crypto brokers, some of which include Yong Ying Investment, Unison FX, and Trade 1960 among others. The DFPI Crypto Scam Tracker makes it easier to aggregate data on these scams.
A southern Californian, Ryan Mark, recently pleaded guilty to wire fraud using the investment website “Socialprofimatic.com,” promising a bogus 8% return on investment and repayment in Bitcoin and Litecoin. A hearing for this case is scheduled for March 29, 2023.
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