Binance, one of the biggest names in crypto, has been quietly working behind the scenes to protect its users from scams. This year alone, they’ve stopped over $2.4 billion in potential losses!
How Does Binance Do It?
Binance has a powerful risk engine that uses AI and human eyes to monitor every transaction in real-time. This system is like a super-powered detective, spotting suspicious activity across all of Binance’s services, including:
- P2P trading: Buying and selling crypto directly with other users.
- Payments: Sending and receiving crypto.
- Crypto network withdrawals: Moving your crypto off the Binance platform.
This system is so effective that Binance has prevented over $1.1 billion in withdrawals linked to suspected scams this year alone!
Beyond the Risk Engine: A Multi-Layered Approach
Binance doesn’t rely solely on its risk engine. They have a whole arsenal of security measures, organized into eight levels based on the risk involved. This means they’re constantly adapting and improving their defenses.
Helping Victims Recover Stolen Funds
Binance has also been actively helping users recover stolen funds. They’ve recovered or frozen over $73 million in stolen funds this year, a 40% increase from last year! They’ve also helped users recover misplaced or lost digital assets, with most of these cases related to hacks, exploits, and theft.
Stay Vigilant: Protect Yourself!
While Binance is doing its part to protect users, it’s crucial to stay vigilant and take responsibility for your own security.
Here are some tips:
- Stay informed: Keep up with the latest scams and security threats.
- Use strong security practices: Enable two-factor authentication, use a strong password, and be wary of phishing attempts.
By working together, Binance and its users can create a safer and more secure environment for everyone in the crypto world.
