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A new crypto scam tracker has been launched by the California Department of Financial Protection and Innovation to assist investors and traders in identifying potential threats to the industry.
DFPI Launches Crypto Scam Tracker to Help Victims
On February 16, DFPI launched the tracker. It is based on user complaints, with the department compiling a list of complaints about crypto from victims who say they were conned or who have bben witness to attempts of conning people. The complaints listed represent descriptions of losses incurred in transactions that victims have identified as part of a fraudulent or deceptive operation. However, despite the fact that it receives thousands of complaints from investors and consumers each year, the DFPI stated that it had not verified any of the listed scams. The majority of the 36 complaints in the tracker were social media and social engineering scams in which users were tricked into taking action via dating apps, Facebook, WhatsApp, Instagram, and TikTok scams.
DFPI Refers to Crypto Scams As 'pig-Butchering Scams'
The DFPI refers to four-fifths of them as "pig-butchering scams," which are essentially social engineering attempts by con artists to build trust and relationships with victims. According to the DFPI, one of the most frequently reported scams is imposter websites The tracker also has a search function that lets users look up crypto projects or websites that might be scams in advance.