Feb 17, 2023
DFPI Launches Crypto Scam Tracker to Protect Investors
The California Department of Financial Protection and Innovation (DFPI) has recently launched a Crypto Scam Tracker, in order to help traders and investors identify potential threats in the web3 space. The tracker, launched on February 16th, is based on user complaints and lists descriptions of losses incurred by victims who have identified a fraudulent or deceptive operation.
“Scammers are in the shadows using the public’s interest in crypto assets to take advantage of the most vulnerable Californians,” said DFPI Commissioner Clothilde Hewlett. “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.”
The tracker currently has 36 complaints listed, most of which are social media and social engineering scams. The majority of these scams involve scammers attempting to establish a relationship and trust with the victim in order to take advantage of them. DFPI spokeswoman Elizabeth Smith said that “We have heard from consumers that scam alerts help them avoid similar scams.”
Imposter websites are also one of the most commonly reported scams. The DFPI encourages users to be aware of look- or sound-alike names that may be used to confuse consumers. The tracker also has a search function that allows users to look up potentially fraudulent websites or crypto projects in advance.
In order to protect consumers and investors, the DFPI encourages users to be proactive and use their scam tracker to identify potential threats. They also recommend that users utilize NFT marketing and promotion strategies, such as Twitter NFT marketing and using an NFT marketing agency, to help spread awareness of their project and build trust with potential investors. Additionally, they suggest using a web3 agency to help sell NFTs, as this can help ensure that the transaction is secure and legitimate.
By taking the necessary steps to identify potential scams, users can protect themselves and their investments. The DFPI is dedicated to protecting consumers and investors and is committed to shining a light on these ruthless predators.
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