The Wisconsin Department of Financial Institutions (DFI) has introduced a new investment scam tracker designed to help residents identify and avoid financial investment scams.
These scams, often referred to as "pig-butchering" or "financial grooming" due to the perpetrators' extensive efforts to gain investors' trust, can have devastating consequences for victims.
From January 2022 to June 2024, the DFI recorded $3.5 million in losses due to financial grooming and cryptocurrency fraud.
In response, the department developed this tracker to provide real-time information on evolving fraudulent schemes based on consumer complaints.
The investment scam tracker features:
- Descriptions of various fraudulent and deceptive scams
- A searchable database by company name, scam type, or keyword
- A comprehensive FAQ section
- A glossary of common investment scam-related terms
- Additional resources for investors
The investment scam tracker aims to empower Wisconsinites with the knowledge and resources needed to protect themselves from financial fraud.