California Launches a Crypto Scam Detection System

The California Department of Financial Protection and Innovation (DFPI) has announced the launch of the Crypto Scam Tracker. The system is able to identify fraudulent projects in the crypto world in real time.

The software analyzes projects and informs about complaints filed by victims. The investor can study the collected data and make an informed decision, minimizing the risk of losing funds. The Crypto Scam Tracker database will include companies and projects detected in suspicious activity.

According to DFPI, the service will increase the effectiveness of the fight against fraud. The regulator receives thousands of complaints from victims of crypto scammers every year.

Criminals take advantage of the growing interest of citizens in digital currencies and come up with new tricks. Therefore, the issue of consumer protection is extremely relevant, said DFPI Commissioner Clotilde Hewlett.