Crime fighters worldwide have seen “an alarming uptrend in both traditional and crypto-related scams since the onset of the COVID-19 pandemic,” according to an update from Binance.
Over the past years, Binance has been “engaging in discussions with law enforcement agencies worldwide about how to fight and prevent such crimes.”
It can be “a phone call, an email with a harmful link, or a direct message via Telegram asking you to reveal sensitive information.” Breaking into “a bank vault or crypto exchange with top-notch security is near impossible, but tricking a person into giving the keys to their money voluntarily – using an approach known as social engineering – is significantly easier.”
Here’s a recent project Binance launched “to empower users to identify and avoid scammers, as well as seek help in the event of a potential attack.”
Introducing the Joint Anti-Scam Campaign
Ensuring the security of our ecosystem and protecting the Binance community is at the core of what we do.
They believe this healthy approach is “the only way forward for crypto.”
As part of their commitment to keeping users safe, they recently “launched the Joint Anti-Scam Campaign in partnership with law enforcement agencies across the globe.”
They started in Hong Kong, where they worked “with the local police force to build a targeted alert and crime prevention message that included helpful tips, examples of the most common scams, and relevant resources and contacts.”
This message is “sent to users based in Hong Kong when they initiate a withdrawal on Binance.”
So far, the project “has achieved tremendous results.”
In the first four weeks since its launch, approximately 20.4% of users “had either reconsidered the withdrawal or reviewed whether the transaction carried the risk of scam.”
The Cyber Security and Technology Crime Bureau for the Hong Kong Police Force noted on the campaign: “Hong Kong Police is putting an emphasis on effective crime prevention.
Consequently, they joined forces “with different stakeholders, including Binance, to deliver the key crime prevention advice to the relevant users.”
The project “received strong positive feedback from the Binance community.”
With a small yet impactful tweak, they have “achieved a tangible safety improvement that doesn’t affect the user experience.”
Moving forward, they’re looking “to cooperate with law enforcement agencies in other regions as we continue to promote our anti-scam program.”
The Joint Anti-Scam Campaign complements their existing anti-crime and crime prevention initiatives worldwide, “including general operational law enforcement assistance and the Global Law Enforcement Training Program that was announced last year.”