Wisconsin DFI launches new tool to prevent financial investment scams

MADISON, Wis. -- A new tool was launched by Wisconsin Department of Financial Institutions (DFI) Tuesday to spot and avoid financial scams.

The investment scam tracker includes descriptions of fraudulent or deceptive scams, based on consumer complaints reported to the DFI.

The details and losses reported by complaints have not been verified by DFI, but they are being shared in the tracker to alert the public to potential threats and make it harder for scammers to deceive more investors.

The investment scam tracker is searchable by company name, scam type or keyword and it includes a list of frequently asked questions, a glossary of common investment related terms, and links to additional investor resources.

"Wisconsin residents should exercise extreme caution before responding to any solicitation offering investment or financial services especially if it involves cryptocurrency." said DFI Secretary Cheryll Olson-Collins...

"Cryptocurrency transfers may be untraceable and irreversible." Often consumers only discover they have been scammed when they attempt to withdraw their invested funds." "Neither the FDIC nor any other governmental agency insures deposits in cryptocurrency interest-bearing accounts."

DFI said imposter scams are the most reported and often the most difficult to detect and between January 2022 and June 2024, $3,540,878 in losses were reported to the DFI from financial grooming and cryptocurrency fraud.

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