California regulator launches complaint-based crypto scam tracker

The Californian Department of Financial Protection and Innovation (DFPI) has launched a caller crypto scam tracker to assistance traders and investors spot imaginable manufacture threats.

On Feb. 16, the DFPI launched the tracker based connected idiosyncratic complaints. It has compiled a database of crypto-related grievances by victims that assertion to person been scammed oregon person identified attempted scams.

The complaints listed correspond descriptions of losses incurred successful transactions that victims person identified arsenic portion of a fraudulent oregon deceptive operation. However, the DFPI stated that it had not verified immoderate of the scams listed, but noted that it receives thousands of user and capitalist complaints each year.

The latest scams listed connected the caller scam tracker. Source: DFPI

“Scammers are successful the shadows utilizing the public’s involvement successful crypto assets to instrumentality vantage of the astir susceptible Californians,” said DFPI Commissioner Clothilde Hewlett. She added that the section was taking enactment to place them:

“Through the caller Crypto Scam Tracker, combined with rigorous enforcement efforts, the DFPI is committed to shining a airy connected these ruthless predators and protecting consumers and investors.”

The bulk of the 36 complaints already listed successful the tracker were societal media and societal engineering scams wherever users person been duped into taking enactment via scams connected Facebook, WhatsApp, Instagram, TikTok, and dating apps.

80% of them were what the DFPI refers to arsenic “Pig Butchering Scams” which are fundamentally societal engineering attempts by scammers trying to found a narration and spot with the victim.

DFPI spokeswoman, Elizabeth Smith, said that “We person heard from consumers that scam alerts assistance them debar akin scams.”

Related: Here’s however to rapidly spot a deepfake crypto scam

Imposter websites are besides 1 of the astir commonly reported scams, according to the DFPI. “When companies oregon websites (fake oregon not) person a look- oregon sound-alike names, the imaginable disorder created for consumers is real,” it noted.

The tracker besides has a hunt relation enabling users to look up perchance fraudulent websites oregon crypto projects successful advance.