Given its propensity to lure in athletes and entertainers as celebrity endorsers, it’s no secret why cryptocurrency companies have proliferated in the state of California. But now the California Department of Financial Protection and Innovation is offering a new product to help the public with investing.

The DFPI has launched a Crypto Scam Tracker, which allows members of the public to search through its database of complaints in order to assess the legitimacy (or potential fraudulent nature) of any particular crypto opportunity.

But such searches are not as simple as they might otherwise seem. Because crypto companies often disappear from the web with very little fanfare or advance notice, the lack of complaints about a particular company or coin do not by itself indicate its safety or reliability. On the contrary, users are instructed to be specific.

Elizabeth Smith, a spokesperson for the DFPI said,

We have heard from consumers that scam alerts help them avoid similar scams. Our hope is that this tool will be a resource for Californians to use before they are targeted or make financial decisions and help Californians from falling prey to prevent future scams … [reporting] helps us keep all Californians safe.

Possible Preaching Angle:

We need to be prudent in how our money is stewarded and not be swayed by every new opportunity or scheme. Remember that we are told to “store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal” (Matt. 6:19-20).