- Wisconsin DFI launches tracker to combat cryptocurrency and investment fraud.
- From January 2022 to June 2024, Wisconsin lost nearly $3.55 million to fraud.
- The tracker is updated regularly and can be searched by the name DFI Investment Scam Tracker.
The Wisconsin Department of Financial Institutions (DFI) has launched a new investment scam tracker designed to protect investors from cryptocurrency and investment scams.
The tool, officially launched on July 30, aims to curb fraud in the financial sector by leveraging consumer complaints to provide critical information about potential scams.
today @WIS_DFI Announcing the launch of the Investment Scam Tracker to help Wisconsinites detect and avoid financial investment scams, including cryptocurrency scams. learn more: pic.twitter.com/Pw7KrLFwP6
— Wisconsin Department of Financial Institutions (@WIS_DFI) July 30, 2024
Important Tool Against Financial Fraud
With the rise of cryptocurrency scams and investment fraud, the Wisconsin Department of Financial Institutions (DFI) has taken a crucial step in launching an investment scam tracker to protect investors.
The tracker, known as the DFI Investment Scam Tracker, aims to provide transparency and awareness regarding potential financial scams.
By utilizing consumer complaints and victim reports, the tracker offers valuable information to help individuals detect and avoid fraudulent schemes.
Combatting Financial Fraud Through Data Integration
Between January 2022 and June 2024, Wisconsin incurred substantial losses amounting to nearly $3.55 million due to financial fraud, including cryptocurrency scams.
The newly launched Investment Scam Tracker integrates data from victim reports to proactively alert the public about emerging threats and fraud tactics.
By collecting information on various scams, such as fraudulent cryptocurrency trading platforms, the tracker aims to make it harder for scammers to target unsuspecting investors.
Protecting Consumers and Investors
DFI Secretary Cheryll Olson-Collins emphasized the importance of the tracker in combating fraud and protecting consumers and investors.
By combining the tracker with rigorous enforcement efforts, DFI aims to expose fraudsters and safeguard individuals from financial harm.
Olson-Collins also highlighted the risks associated with cryptocurrency transactions and urged citizens to refrain from sharing personal financial information with unknown entities.
The DFI Investment Scam Tracker is a valuable resource for individuals considering investment opportunities, and DFI encourages the public to utilize the tool and exercise caution, especially when dealing with high-return offers.
In collaboration with the FBI’s recommendations on using registered cryptocurrency services that comply with regulations, individuals can mitigate the risk of falling victim to fraudulent activities.
