From January 2022 to June 2024, Wisconsin residents lost nearly $3.55 million to financial fraud and digital asset scams. The new investment fraud tracker was created based on complaints from people who lost money in crypto schemes, DFI explained. The tracker is designed to alert you to suspicious platforms, making it harder for bad actors to defraud investors.
“Criminals are taking advantage of the public’s interest in crypto assets. This new service, along with DFI’s tough enforcement efforts, will help expose crypto scammers and protect people from potential threats,” said DFI Secretary Cheryl Olson-Collins.
There are currently 22 records of fraudulent platforms on the platform, without any precise data on the monetary losses suffered by victims. The department promises to update the information regularly so that investors can check a particular company by name, type of fraud or keyword.
Olson-Collins complained that cryptocurrency transfers are difficult to track — as is recovering funds that have already been sent. To keep your money safe, don’t give anyone access to your bank account or digital wallet, the official advised. In addition, it’s worth avoiding communication with unknown people or projects that offer too much profit from investing in cryptocurrencies, the DFI secretary warned.
The Washington State Department of Financial Institutions recently reported on scammers claiming to be “finance professors” who are convincing people to invest in cryptocurrency scams.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
