Binance, in collaboration with law enforcement authorities, is launching a campaign to prevent scams by sending tailored notifications to prospective victims, according to a blog post published by the firm on March 3. The “Joint Anti-Scam Campaign” is the name given to this initiative, which was first established in Hong Kong. The firm is now excited about expanding its operations into a wide variety of additional jurisdictions.
According to the blog post, Binance has partnered with the Hong Kong Police Force’s Cyber Security and Technological Crime Bureau to create a unique “alarm and crime prevention message” for Hong Kong residents. Throughout the trial initiative, customers were treated to warning-based messages when attempting to make withdrawals, including facts about common frauds as well as suggestions to avoid scams.
Fraud Check: Binance Research
Binance evaluated consumers’ responses to the communications over the course of four weeks. According to the research, more than 20.4% of users either did not make withdrawals or double-checked the transaction to determine whether it was a fraud.
The warning gave statistics based on the number of scams that occurred in Hong Kong in 2001. It recommended tools such as the Anti-Deception Coordination Center, Binance Verify, Scameter, and Cyber Defender. Users were also informed that Binance would never contact them personally.
Future plans
According to the exchange, the initiative will be expanded to new jurisdictions in the coming months, and it is working on forming agreements with local police and government organizations to get the required resources.
The cryptocurrency exchange considers the trial initiative a success and plans to collaborate with authorities in other jurisdictions to provide personalized warning messages for users who reside outside of Hong Kong.
Crypto users are often targeted by phishing schemes and social engineering frauds, and this project seems to be a potential solution to defend them.
As part of its worldwide commitment to combating cybercrime, the exchange has contributed to the Hong Kong Police Force’s training and education initiatives via seminars and conferences. This partnership was a success, and the exchange hopes to repeat it in other nations throughout the globe.
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