Veterans and military servicemembers and their families are much more likely than civilians to be targeted by fraudsters. See how we work to protect them.
In today's competitive rental and real estate market, speed and urgency are often used by scammers to pressure hopeful tenants and buyers. Learn how to spot red flags and keep your housing search safe and secure.
On April 27, Targeted Outreach Specialists, Antonia Villaseñor (left) and Sally Westlake (right) hosted a resource table at the California Love, California Strong Resource Fair at CSU Northridge. To have the DFPI share resources at your event, email us at outreach@dfpi.ca.gov.
Application Portal Open for Crypto Company Licensing
DFPI has launched an online portal for companies offering crypto-related services to apply for a Digital Financial Assets Law (DFAL) license. This licensing helps ensure crypto companies meet strong standards for financial stability, fraud prevention, and cybersecurity. Collectively, these protections strengthen oversight of the crypto marketplace and help keep Californians’ digital financial transactions safer.
Press Releases & Consumer Alerts
DFPI Shuts Down Crypto Kiosk Operator Hermes Bitcoin– Hermes Bitcoin has been ordered to shut down all of its 42 digital financial asset kiosks (also known as Bitcoin ATMs). The company charged illegal fees, failed to provide required disclosures or follow anti-money laundering laws, and violated transaction limits.
Settlement with Yotta Technologies – Yotta Technologies must pay a $1 million penalty for engaging in deceptive acts or practices, a violation of the California Consumer Financial Protection Law (CCFPL). An investigation determined that Yotta misled consumers by marketing its services as safe while falsely claiming that their accounts were insured by the Federal Deposit Insurance Corporation (FDIC).
Imposter Posing as DFPI Employee in Email– An imposter is using the name of a DFPI employee along with a fake email address to trick DFPI licensees and demand a response. This is a warning to both consumers and licensees to look out for email spoofing attempts, a tactic used by phishers to make messages look like they’re coming from a trusted source.
Individual Posing as Licensed Investment Adviser Representative – An individual is contacting consumers through messaging platforms, such as Telegram and WhatsApp, while falsely claiming to be Douglas Boneparth, a licensed Investment Adviser representative. The individual attempts to persuade consumers to open accounts on the financial services platforms Uphold and Equator to invest in crypto.
Consumer Success Story
DFPI Helps San Francisco Resident Recover $3,500
Scams can happen in any situation, especially when you least expect them. That’s what happened to Bruce*, a San Francisco resident who rents out his home on a popular vacation rental platform. A scammer posing as an employee of the rental platform convinced Bruce to update his payment information, making it appear as though the instructions were coming directly from the company. Unaware of the deception, Bruce complied, and the $3,518.30 he had earned from his rental was routed straight to the scammer. Then, our Consumer Services team stepped in. Read the full story.
*A pseudonym is used for privacy.
An unfortunate side effect of the AI boom is a sharp rise in AI‑driven scams. In the past year, the FBI’s Internet Crime Complaint Center (IC3) received over 22,000 AI‑related fraud reports, totaling more than $893 million in losses. Common schemes include romance scams, banking and investment fraud, social media sextortion, and employment scams. While anyone can be targeted, some groups face higher risks: older adults are more vulnerable to romance and investment scams, teenagers and young adults are frequently targeted for sextortion, and middle‑aged adults often face identity theft and phishing attacks. Learn more in the FBI’s 2025 Internet Crime Report.
KC Mohseni Commissioner of Financial Protection and Innovation
California Department of Financial Protection and Innovation, 651 Bannon Street, Suite 300, Sacramento, California, 95811
