Key Takeaways
- Wisconsin launched a tracker to combat Bitcoin fraud.
- Wisconsinites lost nearly $3.55 million to scams between January 2022 and June 2024.
- The tracker relies on consumer complaints and is regularly updated.
The Wisconsin Department of Financial Institutions (DFI) has unveiled a new public tracker designed to protect investors from Bitcoin and other investment scams. The tracker, launched on July 30, is based on consumer complaints and aims to deter fraudulent activities by making information about scams accessible to the public.
According to the DFI, Wisconsinites lost nearly $3.55 million to financial grooming and Bitcoin fraud between January 2022 and June 2024. The tracker, which relies on consumer reports, will provide crucial threat information to the public, helping to prevent further victimization. It includes 22 entries from older complaints, mainly involving “pig butchering” scams and fraudulent Bitcoin trading platforms.
DFI Secretary Cheryll Olson-Collins highlighted the importance of this tool, stating:
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.
While the DFI does not verify the details and losses reported by complainants, the tracker serves as a warning system for potential threats. It will be regularly updated and is searchable by company name, scam type, or keyword. Olson-Collins also advised citizens to be cautious with cryptocurrency transactions, emphasizing that transfers can be untraceable and irreversible.
To further safeguard against Bitcoin scams, the DFI recommends avoiding interactions with unknown individuals or businesses offering unrealistic returns. This follows a warning from the Federal Bureau of Investigation in April, urging Americans to use registered cryptocurrency money services businesses that comply with Know Your Customer and Anti-Money Laundering laws.
