Binance has launched a “Joint Anti-Scam Campaign” in collaboration with law enforcement agencies. The campaign’s objective is to prevent scams by issuing targeted alerts to potential victims, as per a blog post by the company on March 3. Initially implemented in Hong Kong, the campaign is expected to expand to other jurisdictions in the future.
As per the company’s statement, it partnered with the Hong Kong Police Force’s Cyber Security and Technology Crime Bureau to create a targeted “alert and crime prevention message” for residents of Hong Kong.
However, the message provides information on how to avoid cryptocurrency investment scams and raise awareness of cybercrime risks. Binance hopes the partnership will contribute to a safer digital environment for Hong Kong citizens.
As part of the pilot program, Binance warned users about common crypto scams and how to avoid them during withdrawal attempts. The four-week pilot found that 20.4% of users needed to investigate further or take measures to avoid potential scams.
The warning messages included information about the number of scams in Hong Kong. They recommended resources such as Scameter, the Anti-Deception Coordination Center, Cyber Defender, and Verify. Users were also instructed that Binance would never call them directly.
Binance’s success with the pilot program has prompted them to collaborate with police in other regions to create customized warning messages. Crypto users have been battling social engineering and phishing scams for a long time. Additionally, recent events have emphasized the importance of increasing awareness and education on these fraudulent activities.
Binance Takes Action Due To Recent Crypto Scams
In February, scammers developed a fake version of the ETHDenver convention website that tricked users into giving up their crypto. The scam involved a function call on a malicious contract. The scam resulted in the theft of over $300,000 worth of cryptocurrency.
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A notable incident involved a prominent non-fungible token promoter who lost over $300,000 worth of CryptoPunks after engaging with a phishing site. The cyber attackers removed the tokens from the promoter’s wallet.
As cryptocurrency gains mainstream adoption, fraudsters are increasingly targeting unsuspecting users. Moreover, Binance’s Joint Anti-Scam Campaign is a much-needed step towards greater awareness and education around such scams and developing effective preventive measures.
The author’s views are for reference only and shall not constitute investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing
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