Wisconsin Launches Investment Scam Tracker to Combat Cryptocurrency Fraud
- Wisconsin DFI launches tracker to combat cryptocurrency and investment fraud.
- From January 2022 to June 2024, Wisconsin lost nearly $3.55 million to fraud.
- The tracker is updated regularly and can be searched by the name DFI Investment Scam Tracker.
The Wisconsin Department of Financial Institutions (DFI) has launched a new investment scam tracker designed to protect investors from cryptocurrency and investment scams.
The tool, officially launched on July 30, aims to curb fraud in the financial sector by leveraging consumer complaints to provide critical information about potential scams.
Tracker to Increase Transparency and Awareness
Between January 2022 and June 2024, Wisconsin reported losses totaling nearly $3.55 million due to various forms of financial fraud, including cryptocurrency scams.
DFI’s new tracker solves this problem by integrating data from victim reports to alert the public of potential threats and fraud schemes.
The regularly updated Investment Scam Tracker will collect information on scams such as “pig killing” and fraudulent cryptocurrency trading platforms. This proactive measure aims to make it more difficult for scammers to target unsuspecting investors by increasing transparency and awareness.
Additionally, DFI Secretary Cheryll Olson-Collins stressed the importance of the tracker in combating fraud and indicated that DFI would combine the new investment fraud tracker with rigorous enforcement efforts to expose ruthless predators and protect consumers and investors.
Olson-Collins also warned that cryptocurrency transactions are often untraceable and irreversible, urging citizens to avoid sharing personal financial information with unidentified individuals or businesses.
Availability of the Tracker
The tracker, accessible online as “DFI Investment Scam Tracker,” provides a valuable resource for individuals considering investment opportunities.
DFI encourages the public to utilize this tool and exercise caution, especially when dealing with high-return online offers.
In line with the new tracker, the FBI has emphasized the importance of using registered cryptocurrency services that comply with “know your customer” and anti-money laundering regulations to avoid falling victim to fraud.
