Binance Prevents Over $2.4 Billion in Potential Losses Amid 2024 Fraud Attempts

In the first seven months of 2024, Binance successfully stopped over $2.4 billion worth of fraudulent activities. Its risk engine, which uses a combination of artificial intelligence and manual reviews, continuously monitors transactions. These systems prevented over 1.2 million users globally from becoming victims of scams.

Focused on Withdrawals

A significant portion of the blocked fraudulent transactions involved suspicious withdrawal attempts. Over $1.1 billion, or 45% of the total prevented losses, came from such attempts. Binance's system flagged these transactions, stopping the funds from being withdrawn.

Continuous Improvement

Binance’s Chief Technology Officer, Rohit Wad, highlighted the ongoing need to enhance their security systems to stay ahead of potential threats. The exchange continues to focus on user safety by investing in advanced technological tools and processes.

Multi-Layered Security

Binance employs a range of security measures across its platform. These include customized alerts, cooldown features, and additional verification steps. Binance also provides channels for users to resolve issues if their transactions are mistakenly flagged as suspicious.

Collaboration and Fund Recovery

The exchange has recovered over $73 million in misplaced or lost funds by July 2024. Binance also works with external parties and public sector entities to tackle fraudulent activities. Notably, 80% of these activities are linked to external hacks and thefts, which Binance helps mitigate.

User Vigilance Remains Key

Despite these efforts, Binance emphasises that users must remain vigilant. Rohit Wad advises users to stay informed and use strong security practices to protect their assets.