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Binance launches anti-scam campaign after pilot in Hong Kong

Published on

March 3, 2023
Read Time:2 Minute, 0 Second

Binance is launching a marketing campaign on this in collaboration with regulation enforcement companies impede fraud by issuing focused warnings to potential victims, in keeping with a March 3 firm weblog put up. Dubbed the Joint Anti-Rip-off Marketing campaign, the venture was initially launched in Hong Kong, and the corporate now intends to broaden it to different jurisdictions.

The preservation of our ecosystem and the #binance Neighborhood Secure is on the coronary heart of what we do.

That is why we have partnered with regulation enforcement companies all over the world to launch the joint anti-scam marketing campaign.

Learn on to see what it is all about ⤵️ https://t.co/q9LOtuZm2F

— Binance (@binance) March 3, 2023

In line with the corporate's put up, it labored with the Hong Kong Police Division's Cybersecurity and Technological Crime Bureau (CSTCB) to create a "warning and crime prevention message" aimed toward Hong Kong residents. As a part of the pilot, customers have been offered with warning messages when trying to make withdrawals, giving them details about widespread scams and recommendations on tips on how to keep away from scams.

Over the course of 4 weeks, Binance studied buyer reactions to the information. It turned out that roughly 20.4% of customers both determined to not withdraw or investigated additional to find out if the transaction might be a rip-off.

The alert contains statistics on the variety of scams that occurred in Hong Kong in 2001 and beneficial assets akin to Scameter, the Anti Deception Coordination Middle, Cyber ​​Defender and Binance Confirm. It additionally instructed customers that Binance won't ever name them straight.

Associated: Fraud Alert - Trezor alerts customers to new phishing assaults

Binance considers the pilot program a hit and plans to work with police in different jurisdictions to create tailor-made alerts for purchasers exterior of Hong Kong.

Social engineering and phishing scams are a recurring drawback for crypto customers. In February, scammers allegedly created a pretend model of the ETHDenver Conference web site, which they then used to trick customers into disclosing their crypto by calling a malicious contract characteristic. Over $300,000 price of crypto is believed to have been stolen by the rip-off. In one other instance, an influential NFT promoter had over $300,000 price of cryptopunk NFTs faraway from his pockets when he was apparently tricked into interacting with a phishing website.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : March 3, 2023
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