The Wisconsin Department of Financial Institutions has launched a scam tracker to protect investors from rising crypto and investment fraud. This tracker helps Wisconsinites identify and avoid fraudulent schemes by detailing deceptive practices based on consumer complaints.
Between January 2022 and June 2024, over $3.5 million in losses were reported due to financial grooming and cryptocurrency fraud, often referred to as “pig-butchering.” Scammers exploit public interest in crypto to manipulate vulnerable residents into investing in fraudulent schemes.
The tracker, updated continually, allows users to search by company names, scam types, or keywords. It includes a FAQ section, a glossary of investment scam terms, and links to additional resources. While the DFI does not verify complaint details, the shared information makes it harder for scammers to deceive investors.
DFI Secretary Cheryll Olson-Collins advised residents to exercise extreme caution with online investment offers, especially those involving crypto, as transactions can be untraceable and irreversible. She stressed that due diligence and skepticism are crucial for preventing fraud.
With the rise of imposter scams, where fake companies mimic legitimate ones, the DFI urged the public to verify companies through trusted government sources before investing. This initiative is strategically important for long-term investor protection and fraud prevention in Wisconsin.
