DFPI Launches Scam Tracker to Help the Public Spot Crypto Scams

Feb 16, 2023

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SACRAMENTO – The Department of Financial Protection and Innovation (DFPI) announced today that it has launched the DFPI Crypto Scam Tracker to help Californians spot and avoid crypto scams. The tracker details apparent crypto scams identified through a review of complaints submitted by the public and allows California consumers and investors to do their own research and prevent harm to themselves and others.

“Scammers are in the shadows using the public’s interest in crypto assets to take advantage of the most vulnerable Californians. Through 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,” said DFPI Commissioner Clothilde Hewlett.

The Crypto Scam Tracker is a database that is searchable by company name, scam type, or keywords to learn more about the crypto specific complaints the DFPI has received. An accompanying glossary aims to help consumers better understand common scams. As reports of new crypto scams emerge, the DFPI will continually update this tracker to promptly alert and protect the public.

The DFPI receives thousands of consumer and investor complaints each year. The tracker’s content is based on information reported by members of the public to the DFPI. The DFPI has not verified the losses reported by complainants.

Imposter Scams

Imposter scams are among the most reported to the DFPI and often the most difficult for consumers to detect. With these scams, unlicensed or fictitious companies lure unsuspecting individuals to their websites using names that sound similar to those of other, legitimate companies or websites in the marketplace.

When companies or websites (fake or not) have look- or sound-alike names, the potential confusion created for consumers is real. Attempting to take advantage of such confusion is a tactic employed by some bad actors looking to profit from unsuspecting consumers. The best way to avoid falling victim to a phony company or website is to do research on the company before you invest or send money.

Report Scams to DFPI

If you have been a victim of a scam or fraud, or you learn about a scam that is currently not listed on the Scam Tracker, let us know immediately by filing a complaint with the DFPI online (dfpi.ca.gov/file-a-complaint) or calling toll-free at (866) 275-2677.

The Department of Financial Protection and Innovation protects consumers, regulates financial services, and fosters responsible innovation. DFPI protects consumers by establishing and enforcing financial regulations that promote transparency and accountability. We empower all Californians to access a fair and equitable financial marketplace through education and preventing potential risks, fraud, and abuse. Learn more at dfpi.ca.gov.



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Last updated: May 16, 2023 @ 7:53 am