The Wisconsin Department of Financial Institutions (DFI) in the United States launched a publicly accessible tracker to deter crypto and other investment scams. 

On July 30, the DFI revealed that Wisconsinites lost nearly $3.55 million to financial grooming and cryptocurrency fraud, based on victim reports between January 2022 and June 2024.

The newly launched investment scam tracker relies on consumer complaints to gather crucial threat information and alert the public to “make it harder for perpetrators to deceive more investors.”

Source: Wisconsin Department of Financial Institutions

Tracking crypto scams through public complaints

According to Wisconsin government records, 22 entries were made into the investment scam tracker from older complaints, with most being victims of pig butchering scams or investing in fraudulent crypto trading platforms.

A snippet of Wisconsin DFI investment scam tracker entries. Source: dfi.wi.gov

DFI Secretary Cheryll Olson-Collins said that scammers are exploiting the public’s interest in crypto assets, adding:

“Through our new investment scam tracker, combined with rigorous enforcement efforts, the DFI is committed to shining a light on these ruthless predators and protecting consumers and investors.”

Related: State of Wisconsin reports $164M investments in spot Bitcoin ETFs

Proactive steps to protect crypto inves

While the DFI did not verify the factual details and losses reported by complainants, the tracker aims to alert and protect crypto investors against possible threats. Therefore, the DFI will update the tracker on an ongoing basis, which is searchable by company name, scam type, or keyword.

Additionally, DFI Secretary Olson-Collins informed citizens that cryptocurrency transfers may be untraceable and irreversible:

“To be safe, do not give money to anyone you meet online or allow them access to your bank account or digital wallet.”

Wisconsinites “are less likely to be a victim of a cryptocurrency investment scam” if they avoid interacting with unknown people or businesses offering unrealistic returns on crypto investments.

The Federal Bureau of Investigation (FBI) recently issued a warning in April, urging Americans to only use registered cryptocurrency money services businesses that comply with existing Know Your Customer (KYC) and Anti-Money Laundering (AML) laws.

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