Binance proactively protected over 1.2 million users from suspected scams and scams, demonstrating its strong commitment to user protection
Binance, the leading blockchain ecosystem behind the world’s largest crypto-asset exchange by trading volume, is pleased to announce that it has averted potential fraud and fraudulent activity that could have affected more than 1.2 million people from January to July 2024. Users caused more than $2.4 billion in losses. This achievement is the result of Binance’s risk management measures, which help to effectively detect and alert suspicious transactions on the platform.
Binance uses a cutting-edge internal risk management engine that utilizes hybrid artificial intelligence (AI) and human review for 24/7 real-time monitoring. This allows the Binance team to dynamically and accurately detect suspicious transactions and take quick action to protect users. This risk engine runs in all areas of the Binance ecosystem, protecting users’ security in all aspects of C2C transactions, payments, and online withdrawals of crypto assets. Multiple layers of controls are integrated within the system to ensure risk exposure is mitigated and overall risk levels are maintained within acceptable limits.
The most common stage of transactions flagged as suspicious is during the crypto asset withdrawal stage. Of the $2.4 billion in losses prevented so far this year, withdrawals related to suspected crypto scams accounted for more than $1.1 billion, or about 45% of the total.
“User-centricity has always been Binance’s top priority, which is the foundation of our emphasis on building and maintaining industry-leading technical tools and processes that allow us to protect our users and their assets around the clock.” Binance Chief Technology Officer Rohit Wad shared.
"Averting over $2.4 billion in potential losses in just seven months is a testament to our years of hard work and dedication. We are pleased that our efforts are helping users build a more secure ecosystem, and we will continue to fulfill our role as It is the responsibility of industry leaders to regularly improve our systems and capabilities to stay ahead of potential threats."
In addition to monitoring and detection, Binance employs a variety of tools and measures to protect users from crypto asset scams. Binance’s risk control measures are divided into eight levels according to the severity of the risk to ensure a balance between user experience and security. These include customized pop-up notifications, cooling functions and wake-up services. In addition, Binance also provides various grievance handling channels, ranging from fully automated to manual processes, to help users flagged as potential risks resolve their issues.
While Binance continues to do its best to protect user assets, it also emphasizes the importance of users remaining vigilant.
Rohit Wad added: “We also urge users to remain vigilant and take responsibility for their own security.” “While our team has taken extensive measures to protect your funds, ultimately, users themselves play a role in protecting their assets. The biggest role. Stay informed, use strong security measures, and be alert to potential scams. »
Another previous report stated that as of July 31 this year, Binance had recovered more than $73 million in lost or misplaced funds for external parties . Binance will continue to innovate and enhance its security measures to ensure a safe and secure environment for all crypto users on and off its platform.
