Wisconsin Launches Investment Scam Tracker to Combat Crypto Fraud

On July 30, the Wisconsin Department of Financial Institutions (DFI) introduced an innovative investment scam tracker. This publicly accessible tool aims to shield investors from deceptive practices by utilising consumer complaints.

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Wisconsin is prone to scams

Between January 2022 and June 2024, Wisconsin residents reported losing nearly $3.55 million due to financial fraud, including cryptocurrency scams. The new tracker consolidates data from these reports to alert the public about potential threats, making it harder for scammers to operate.

Features and Scope

The tracker, updated regularly, documents various scams, including "pig butchering" schemes and fraudulent crypto trading platforms. It serves as a proactive measure to enhance transparency and increase public awareness.

DFI's Commitment to Investor Safety

DFI Secretary Cheryll Olson-Collins highlighted the importance of the tool, stressing the DFI's dedication to protecting consumers. She warned that cryptocurrency transactions are often untraceable and irreversible, advising against sharing personal financial information with unknown entities.

Availability and Usage

Named the 'DFI Investment Scam Tracker,' the tool is available online. It provides a valuable resource for those considering investment opportunities, enabling users to search and verify information about potential investments.

Federal Guidance

The FBI has also underscored the importance of using registered cryptocurrency services that adhere to Know Your Customer and Anti-Money Laundering regulations. This advice complements the DFI's efforts to prevent fraud.