Wisconsin launches an investment scam tracker to combat crypto fraud

• Wisconsin DFI launches tracker to combat crypto and investment fraud.
• Nearly $3.55M was lost to fraud in Wisconsin from Jan 2022 to June 2024.
• Tracker updates regularly and it is searchable by the name DFI Investment Scam Tracker.

The Wisconsin Department of Financial Institutions (DFI) has introduced a new investment scam tracker aimed at protecting investors from crypto and investment fraud.

Officially launched on July 30, this publicly accessible tool is designed to curb deceptive practices in the financial sector by utilizing consumer complaints to provide crucial information about potential scams.

Today @WIS_DFI announced it has launched an investment scam tracker to help Wisconsinites spot and avoid financial investment scams, including cryptocurrency scams. Learn more at: https://t.co/fS6aQj4Oyg. pic.twitter.com/Pw7KrLFwP6

— Wisconsin Department of Financial Institutions (@WIS_DFI) July 30, 2024

Tracker to enhance transparency and awareness

Between January 2022 and June 2024, Wisconsinites reported losses totalling nearly $3.55 million due to various forms of financial fraud, including cryptocurrency scams.

The DFI’s new tracker addresses this issue by consolidating data from victim reports to alert the public about potential threats and fraudulent schemes.

The investment scam tracker, updated regularly, will collect data on scams such as “pig butchering” and fraudulent crypto trading platforms. This proactive measure aims to make it more challenging for scammers to target unsuspecting investors by increasing transparency and awareness.

DFI Secretary Cheryll Olson-Collins emphasized the importance of the tracker in combating fraud, stating that the DFI is committed to shining a light on the ruthless predators and protecting consumers and investors through the new investment scam tracker, combined with rigorous enforcement efforts.

Olson-Collins also warned that cryptocurrency transactions are often untraceable and irreversible, urging citizens to avoid sharing personal financial information with unknown individuals or businesses.

The tracker is available online as ‘DFI Investment Scam Tracker’

The tracker is searchable by the name, DFI Investment Scam Tracker and it provides a valuable resource for those considering investment opportunities.

The DFI encourages individuals to use this tool and exercise caution, particularly when dealing with online offers of high returns.

In conjunction with the new tracker, the Federal Bureau of Investigation 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.