- Recently, California DFPI launched a new crypto fraud tracker for Californians.
- The tracker will work for enhancing the fund security of consumers.
The growing crypto frauds in the country made the California Department of Financial Protection & Innovation (DFPI) to develop the new crypto fraud tracker. The tracker will help the Californian consumers to protect their funds from fraud.
DFPI protecting the consumer funds
The fact is not denied that last year was really a huge mess in terms of fraud. So this fraud tracker can be said to be a good initiative from the California government that is protecting crypto users not to be the victim of crypto fraud any more.
According to DFPI, in the new crypto fraud tracker the user can search the database by company name or type of fraud and also file a complaint online if needed. The DFPI website states about the tracker that the crypto frauds in this tracker are based on consumer complaints. They represent “descriptions of losses incurred in transactions that complainants have identified as part of a fraudulent or deceptive operation.”
In addition, the DFPI mentioned that it has not verified about the losses that are reported by complainants. As any new fraud emerges, the DFPI will update their list on an ongoing basis to make the people alert and protected. One can file a complaint if they have heard about a fraud that is not listed in its tracker.
DFPI’s note for imposters
The DFPI also added a note on imposters as the imposter websites are one of the most common reported frauds. The listed companies and websites may sound similar to the names of other companies and websites that are already operating in the marketplace. When any of the fake or real companies or websites have many similarities like names then it raises the potential confusion for the consumers.
So attempting to find any opportunity of such confusion is a tactic employed by some bad actors who are looking to profit from unsuspecting consumers. The DFPI gave the solution as the best way “to avoid falling victim to a phony company or website is to do research on the company before the user invests or sends money.”
The above image shows the most recent fraud that is listed on the new fraud tracker.
The DFPI Commissioner Clothilde Hewlett said over the launch of DFPI crypto fraud tracker, “the fraudsters are in the shadows using the public’s interest in crypto assets to take advantage of the most vulnerable Californians. Through the new Crypto Fraud Tracker, combined with rigorous enforcement efforts, the DFPI is committed to shining a light on these ruthless predators and protecting consumers and investors.”
By launching the crypto fraud tracker, DFPI is staying one step ahead and protecting the consumers from fraud.
Source: https://www.thecoinrepublic.com/2023/02/17/california-dfpi-launched-crypto-fraud-tracker-for-consumer-safety/