Authorities across the globe have been searching for methods to eliminate cryptocurrency-related crimes and deter malicious actors from the industry. Recently, the California Department of Financial Protection and Innovation (DFPI) intensified its efforts in this regard by introducing a crypto scam tracker.
According to reports, the regulatory body released a security tool named zDFPI on the 16th of February. The DFPI stated that it developed the crypto scam tracker based on feedback from users who reported fraudulent activity.
Having observed numerous complaints from victims of scams, the DFPI opted to respond by creating a security tool that could alert users to possible scams and safeguard their funds against loss.
The department’s roster of complaints made by individuals who fell victim to cryptocurrency-related scams accompanies the scam tracker. The DFPI’s list of complaints outlines the financial damages incurred during transactions that victims reported as fraudulent or deceptive operations. However, the DFPI indicated that it has not yet authenticated the scams on the list, citing the thousands of consumer and investor complaints it receives annually.
The DFPI’s Commissioner, Clothilde Hewlett, stated that scammers operate in the shadows and exploit vulnerable citizens of California by taking advantage of public interest in cryptocurrency assets. The commissioner further indicated that the DFPI is making strides in identifying these criminals with the newly launched crypto scam tracker. In addition to the tool, the department is implementing stringent enforcement measures to uncover such scam operations and shield consumers from harm.
