Wisconsin DFI Launches Investment Scam Tracker to Combat Crypto Fraud
In an effort to protect investors from investment and cryptocurrency scams, the Wisconsin Department of Financial Institutions (DFI) has launched a new investment scam tracker. The tool, officially launched on July 30, aims to combat fraud in the financial sector by leveraging consumer complaints to provide critical information about potential scams.
Tracking Fraud 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. The new DFI tracker addresses this issue by integrating victim report data to alert the public about possible threats and fraud schemes.
The Investment Scam Tracker, updated periodically, will gather information on scams such as “pig killings” 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.
DFI Secretary Cheryll Olson-Collins emphasized the tracker’s importance in the fight against fraud and stated that the DFI is committed to combining the new investment fraud tracker with rigorous law enforcement efforts to expose ruthless predators and protect consumers and investors.
Using the Tracker to Make Informed Investment Decisions
The tracker, available online as the “DFI Investment Scam Tracker,” provides a valuable resource for those considering investment opportunities. DFI encourages individuals to use this tool and exercise caution, especially when it comes to high-yield online offers.
Alongside the new tracker, the FBI 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.
