Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
STATEWIDE – The California Department of Financial Protection and Innovation (DFPI) launched, last month, the DFPI Crypto Scam Tracker, to help Californians spot and avoid crypto scams.
According to Chainanalysis, scammers stole roughly $3.2 billion worth of cryptocurrency in 2021 — a 516% increase compared to 2020.
The DFPI Crypto Scam Tracker details apparent crypto scams identified through public complaints. It allows California consumers and investors to do their own research and prevent harm to themselves and others.
“Scammers are in the shadows using the public’s interest in crypto assets to take advantage of the most vulnerable Californians. 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,” said DFPI Commissioner Clothilde Hewlett.
Imposter Scams
DFPI says that imposter scams are the most reported and often the most difficult for consumers to detect. With these scams, unlicensed or fictitious companies lure people to their websites using names that sound similar to legitimate companies.
“When companies or websites (fake or not) have look- or sound-alike names, the potential confusion created for consumers is real. Attempting to take advantage of such confusion is a tactic employed by some bad actors looking to profit from unsuspecting consumers. The best way to avoid falling victim to a phony company or website is to do research on the company before you invest or send money,” says the DFPI news release.
Crypto Scam Tracker
The Crypto Scam Tracker is a database that is searchable by company name, scam type, or keywords to learn more about the crypto specific complaints reported to DFPI. An accompanying glossary aims to help consumers better understand common scams. The DFPI will continually update the tracker as reports of new crypto scams emerge.
RELATED: Bitcoin vs. Ethereum: Key Differences and Similarities
DFPI says if you have been a victim of a scam or fraud, or you learn about a scam that is currently not listed on the Scam Tracker, let them know immediately by filing a complaint with the DFPI online (dfpi.ca.gov/file-a-complaint) or calling toll-free at (866) 275-2677.
To search the Crypto Scam Tracker visit https://dfpi.ca.gov/crypto-scams/?emrc=640527b0c3fef
