On February 16, 2023, California's Department of Financial Protection and Innovation (DFPI) launched a crypto scam tracker to assist residents in identifying and avoiding scams.
What is the crypto scam tracker tool?
The tracker is a searchable database compiling complaints about fraudulent schemes. Investors can use it to identify and steer clear of crypto scams by searching the database using company names, scam types, or keywords. It includes a glossary for clarifying commonly used crypto terms and is regularly updated with new reports.
How to use the crypto scam tracker tool?
The tracker is used for due diligence, message analysis, and preventing scams through education. Users can search specific companies, analyze suspicious messages, and learn about tactics, which helps increase awareness and keep them protected against fraud.
Common crypto scam schemes
The tool identifies various fraudulent schemes exploiting investors, such as pig butchering scams, rug pulls, fake job offers, wallet drainer scams, and fraudulent trading platforms. These schemes aim to defraud victims by masquerading as legitimate investment opportunities.
The crypto scam tracker aids in investor protection by highlighting fraudulent schemes and providing educational resources to raise awareness and resist scams.
