Binance teams up with law enforcement agencies for joint anti-scam campaign

Binance teams up with law enforcement agencies for joint anti-scam campaign

Time Stamp: March 4, 2023 2:45 AM
Source Node: 1994463

SNEAK PEEK

  • Binace has launched a program in partnership with law enforcement agencies worldwide to enable users to avoid scammers and seek help in cases of potential attack. 
  • Initially, the crypto exchange began in Hong Kong and collaborated with the local police force to create an alert and crime prevention message involving tips, resources, contacts  and examples of common scams. 
  • The Binance community has given the project positive feedback.

Binance along with law enforcement agencies is introducing a campaign to keep away from scams upon utilizing targeted alerts to potential victims, as per a blog posted by the company on March 3. The project is known as “Joint Anti-Scam Campaign” and was initially launched in Hong Kong. The company is now looking forward to growing it into various other jurisdictions. 

Based on the blog post, Binance has joined Hong Police Force’s Cyber Security and Technology Crime Bureau for the development of an exclusive “alert and crime prevention message” for people of Hong Kong. In the pilot project, while trying to make withdrawals, users were subjected to warning–based messages, providing them details about usual scams as well as tips to prevent scams. 

During a duration of four weeks, Binance has examined customers’ reactions to the messages. According to the investigation, over 20.4% of users either didn’t make withdrawals or examined ahead to see if the transaction was a scam. 

The warning provided stats based on the number of scams that took place in 2001 in Hong Kong. It suggested resources like the Anti Deception Coordination Center, Binance Verify, Scameter and Cyber Defender. Users were also directed that Binance won’t ever call them directly. 

The crypto exchange believes the pilot program is a success and is looking forward to partnering with police in other jurisdictions for customized warning messages for customers who live outside of Hong Kong. 

Crypto users are always at the radar of phishing scams and social engineering frauds and this initiative looks quite promising to protect them. 

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