What is California’s crypto scam tracker tool?
On Feb. 16, 2023, the Department of Financial Protection and Innovation (DFPI) in California launched the crypto scam tracker tool to help residents spot and avoid crypto scams. The tracker details crypto scams identified through a review of complaints submitted by the public.
California’s DFPI crypto scam tracker is a searchable database that compiles complaints about fraudulent schemes. Investors can use the database to identify and avoid crypto scams. You can search the database using company name, scam type or keywords.
The tracker includes a glossary to explain commonly used crypto terms and is regularly updated with new scam reports. The glossary may not provide extensive information on prevalent crypto scams, but it equips you with the knowledge required to identify scams and protect yourself.
The scam tracker tool has compiled the information from public complaints and has not independently verified reported losses. As the DFPI receives complaints about new crypto scams, it updates the information on the tracker to keep the investors informed.
Anyone who has fallen victim to a crypto scam or fraud or becomes aware of a scam not yet listed on the scam tracker can inform the DFPI. You can submit a complaint online at dfpi.ca.gov/file-a-complaint or contact the department via toll-free phone at (866) 275-2677. Companies that have been mistakenly included in the tracker can contact the DFPI at [email protected] for assistance.
Did you know? In 2024, the DFPI received more than 2,668 complaints from investors in California and across the US. Based on these complaints, in partnership with the California Department of Justice, it shut down more than 26 different crypto scam websites and unraveled $4.6 million in consumer losses.
How to use California’s crypto scam tracker tool
California’s scam tracker tool is invaluable for identifying patterns in scammer behavior and helping investors avoid similar scams. Additionally, it encourages investors to report scams, contributing to the safety of the community.
The tracker can be broadly used in three ways:
- For due diligence: You can search for specific companies or websites using the tool to uncover existing complaints. This feature helps you gain insights into others’ experiences with similar offers, allowing for a preliminary risk assessment. However, it’s important to note that the absence of complaints doesn’t guarantee legitimacy, as scam sites often rebrand or operate under different names.
- For analysis of messaging: The scam tracker enables you to analyze suspicious messaging by searching relevant keywords. You could use terms like “lending” or “insurance” to discover patterns and similarities between the offers you have received and past complaints. This comparative approach helps you identify potential red flags and recognize the tactics of the scamsters.
- For education and prevention: The tracker’s glossary serves as an educational resource, outlining various terms used in crypto scams. By familiarizing yourself with these tactics, you can significantly enhance your awareness and protect yourself from falling victim to fraudulent schemes. This proactive approach to education is essential in navigating the complex and often risky cryptocurrency market.
Did you know? The Federal Bureau of Investigation’s (FBI) 2023 Cryptocurrency Fraud Report shows California faced the highest crypto-related losses in the US, reaching $1.15 billion. Within the FBI San Francisco Field Office’s jurisdiction, losses totaled $260,313,902, affecting 1,226 victims across 15 counties, including Alameda, San Francisco and Santa Clara.
How does California’s scam crypto tracker tool work?
The tracker compiles scams reported directly by consumers. The entries detail descriptions of losses to the complainants. To view the information shared with the DFPI, you may use the search function to explore complaints by company, scam type or keywords.
For instance, if you search using the keyword “trading platforms,” the tracker lists scams associated with the keyword. The tracker is segregated into five columns, comprising primary subject, complaint narrative, scam type, website and screenshot.
To change the order of the list, you can click the arrow beside the column header.
You can also determine the number of entries you want to see at the time. To select the number of entries on a page, click the dropdown box at the bottom of the list and select your chosen number.
To toggle between the pages displaying the entries, you can use the buttons “Previous” and “Next.”
Fraudulent schemes listed by California’s…
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