{"id":20798,"date":"2023-02-16T21:25:06","date_gmt":"2023-02-17T05:25:06","guid":{"rendered":"https:\/\/coinnetworknews.com\/california-regulator-launches-complaint-based-crypto-scam-tracker\/"},"modified":"2023-02-16T21:25:06","modified_gmt":"2023-02-17T05:25:06","slug":"california-regulator-launches-complaint-based-crypto-scam-tracker","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/california-regulator-launches-complaint-based-crypto-scam-tracker\/","title":{"rendered":"California regulator launches complaint-based crypto scam tracker"},"content":{"rendered":"
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The Californian Department of Financial Protection and Innovation (DFPI) has launched a new crypto scam tracker to help traders and investors spot possible industry threats.<\/p>\n

On Feb. 16, the DFPI launched the\u00a0tracker<\/a> based on user complaints. It has compiled a list of crypto-related grievances by victims that claim to have been scammed or have identified attempted scams.<\/p>\n

The complaints listed represent descriptions of losses incurred in transactions that victims have identified as part of a fraudulent or deceptive operation. However, the DFPI stated that it had not verified any of the scams listed, but noted that it receives thousands of consumer and investor complaints each year.<\/p>\n

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The latest scams listed on the new scam tracker. Source: DFPI<\/em><\/figcaption><\/figure>\n

\u201cScammers are in the shadows using the public\u2019s interest in crypto assets to take advantage of the most vulnerable Californians,\u201d said DFPI Commissioner Clothilde Hewlett. She\u00a0added<\/a> that the department was taking action to identify them:<\/p>\n

\u201cThrough the new Crypto Scam Tracker, combined with rigorous enforcement efforts, the DFPI is committed to shining a light on these ruthless predators and protecting consumers and investors.\u201d<\/p><\/blockquote>\n

The majority of the 36 complaints already listed in the tracker were social media<\/a> and social engineering scams where users have been duped into taking action via scams on Facebook, WhatsApp, Instagram, TikTok, and dating apps.<\/p>\n

80% of them were what the DFPI refers to as \u201cPig Butchering Scams<\/a>\u201d which are essentially social engineering attempts by scammers trying to establish a relationship and trust with the victim. <\/p>\n

DFPI spokeswoman, Elizabeth Smith, said that \u201cWe have heard from consumers that scam alerts help them avoid similar scams.\u201d<\/p>\n

Related:<\/em><\/strong> <\/em><\/strong>Here\u2019s how to quickly spot a deepfake crypto scam<\/em><\/strong><\/a><\/p>\n

Imposter websites are also one of the most commonly reported scams, according to the DFPI. \u201cWhen companies or websites (fake or not) have a look- or sound-alike names, the potential confusion created for consumers is real,\u201d it noted.<\/p>\n

The tracker also has a search function enabling users to look up potentially fraudulent websites or crypto projects in advance. <\/p>\n