Binance, in cooperation with law enforcement, is launching a campaign to prevent scams by issuing targeted alerts to potential victims, according to a company blog post on March 3.. The project, dubbed the “joint anti-scam campaign”, was first launched in Hong Kong, and now the company intends to expand it to other jurisdictions.
Keeping our ecosystem and the #Binance community safe is at the core of what we do.
Which is why we partnered with law enforcement agencies across the globe to launch the Joint Anti-Scam Campaign.
Read on to see what it’s all about ⤵️ https://t.co/q9LOtuZm2F
—Binance (@binance) March 3, 2023
Keeping our ecosystem and the #Binance community safe is at the heart of what we do.
That’s why we’ve partnered with law enforcement around the world to launch the Joint Anti-Scam Campaign.
According to the company’s post, it collaborated with the Hong Kong Police’s Cyber and Technological Crime Bureau (CSTCB) to create a “crime warning and prevention message” aimed at Hong Kong residents. As part of the pilot project, when users attempted to withdraw, they received alert messages providing them with information about common scams and tips on how to avoid them.
For four weeks, Binance investigated client responses to the messages. It was found that approximately 20.4% of users either decided not to withdraw or investigated further to determine if the transaction might be a scam.
The warning provided statistics on the number of scams that occurred in Hong Kong in 2001, and recommended resources such as Scameter, the Anti-Hoax Coordination Center, Cyber Defender, and Binance Verify. It also indicated to users that Binance will never call them directly.
Binance considers the pilot program to be a success, and plans to collaborate with police in other jurisdictions to develop tailored warning messages for clients outside of Hong Kong.
Social engineering and phishing scams have been a recurring problem for cryptocurrency users. In February, scammers allegedly created a fake version of the ETHDenver convention website, which they then used to trick users into giving away their crypto by calling a malicious contract function. More than $300,000 worth of cryptocurrency is believed to have been stolen. In another example, an influential NFT promoter had more than $300,000 worth of NFTs taken from Cryptopunk when he was allegedly tricked into interacting with a phishing site.
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