California Rolls Out A Crypto Scam Tracker

The California Department of Financial Protection and Innovation (DFPI) recently announced the introduction of its Crypto Scam Tracker to help residents of the state identify and avoid crypto scams. According to the regulator, the tracker reveals apparent crypto scams uncovered through a review of public complaints and allows California consumers and investors to conduct their own research and protect themselves and others.

The crypto scam tracker is a database that users can search by company name, scam type, or keywords to learn more about crypto-specific complaints received by the DFPI.

The DFPI receives thousands of complaints each year; the tracker's content is based on information supplied to the DFPI by members of the public. The regulator noted that "the damages reported by complainants have not been substantiated."

There is also a glossary that aims to help consumers better recognize common scams, according to the state regulator. "As reports of new crypto scams emerge, the DFPI will continually update this tracker to promptly alert and protect the public."

DFPI Commissioner Clothilde Hewlett commented: "Scammers are in the shadows using the public's interest in crypto assets to take advantage of the most vulnerable Californians." The commissioner added, "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."