The Wisconsin Department of Financial Institutions (DFI) has launched a new investment scam tracker to protect investors from financial fraud, including cryptocurrency scams. The publicly accessible tool aims to curb deceptive practices in the financial sector by utilizing consumer complaints to provide crucial information about potential scams.
According to the DFI, between January 2022 and June 2024, Wisconsinites reported losses totaling nearly $3.55 million due to various forms of financial fraud, including cryptocurrency scams. The new tracker addresses this issue by consolidating data from victim reports to alert the public about potential threats and fraudulent schemes.
The investment scam tracker, updated regularly, will collect data on scams such as “pig butchering” and fraudulent crypto trading platforms. This proactive measure aims to make it more challenging for scammers to target unsuspecting investors by increasing transparency and awareness.
DFI Secretary Cheryll Olson-Collins emphasized the importance of the tracker in combating fraud, stating that the DFI is committed to shining a light on the ruthless predators and protecting consumers and investors through the new investment scam tracker, combined with rigorous enforcement efforts.
Olson-Collins also warned that cryptocurrency transactions are often untraceable and irreversible, urging citizens to avoid sharing personal financial information with unknown individuals or businesses.
The tracker is available online as the “DFI Investment Scam Tracker” and provides a valuable resource for those considering investment opportunities. The DFI encourages individuals to use this tool and exercise caution, particularly when dealing with online offers of high returns.
In conjunction with the new tracker, the Federal Bureau of Investigation recently reiterated the importance of using registered cryptocurrency services that comply with Know Your Customer and Anti-Money Laundering regulations to avoid falling victim to fraud.
With the launch of this new tool, Wisconsin is taking a significant step towards protecting its citizens from financial fraud and promoting a safer and more transparent investment environment.
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Source: Coinjournal
