Wisconsin Launches Investment Scam Tracker to Combat Cryptocurrency Fraud
The Wisconsin Department of Financial Institutions (DFI) has taken a significant step in the fight against cryptocurrency and investment fraud by introducing a new investment scam tracker. This tool, launched on July 30, aims to protect investors from falling prey to fraudulent schemes in the financial sector.
Rising Fraud Cases Prompt the Launch of the Tracker
Between January 2022 and June 2024, Wisconsin faced significant financial losses totaling nearly $3.55 million due to various forms of fraud, including cryptocurrency scams. To address this alarming trend, the DFI has introduced the Investment Scam Tracker, which gathers data from victim reports to raise awareness about potential threats and fraudulent activities.
By regularly updating the tracker with information on scams like “pig killing” and fake cryptocurrency platforms, the DFI hopes to make it harder for scammers to deceive unsuspecting investors. This proactive approach aims to increase transparency and awareness in the financial sector, making it more challenging for fraudsters to operate.
DFI Secretary Emphasizes the Importance of the Tracker
DFI Secretary Cheryll Olson-Collins has stressed the crucial role of the new tracker in combating fraud. She has highlighted the DFI’s commitment to using the investment fraud tracker alongside stringent enforcement measures to expose predatory individuals and safeguard consumers and investors.
Olson-Collins has also issued a warning about the untraceable and irreversible nature of cryptocurrency transactions. She has advised citizens to refrain from sharing personal financial information with unknown individuals or businesses to avoid falling victim to scams.
Utilizing the DFI Investment Scam Tracker
The DFI Investment Scam Tracker is readily accessible online and provides a valuable resource for individuals considering investment opportunities. DFI encourages the public to utilize this tool and exercise caution, especially when dealing with high-return online offers.
In alignment with the launch of the tracker, the FBI has underscored the importance of using registered cryptocurrency services that comply with “know your customer” and anti-money laundering regulations to mitigate the risk of fraud. By leveraging these resources and staying informed, investors can protect themselves from falling victim to scams.
