Binance Says It Stopped $2.4B in Fraudulent Transactions During Jan-July Period

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Binance said it has prevented over $2.4 billion in potential losses from scams and fraudulent activities between January and July of this year.

In a statement Tuesday, the company revealed that its managed to protect more than 1.2 million users through its risk management strategies, which rely on a combination of artificial intelligence and manual review. Binance said that its internal risk engine monitors transactions across Binance’s platform, covering peer-to-peer trading, payments, and crypto withdrawals.

The system identified crypto withdrawals as the stage where suspicious transactions were most often detected, with $1.1 billion, or 45% of the total prevented losses, being flagged during this process.

In the first 7 months of 2024, #Binance prevented $2.4B in potential user losses. 🤯

How? A hybrid approach of AI & manual reviews allows us to detect suspicious transactions аnd take quick action to protect users.

Always user-focused! More details here. ⤵️…
— Richard Teng (@_RichardTeng) August 20, 2024

Binance’s approach to risk management extends beyond transaction monitoring. It incorporates various tools designed to warn and protect users, including customized alerts and cooldown features. The platform also offers multiple appeal options, both automated and manual, to assist users flagged for potential risk.

Rohit Wad, Binance’s Chief Technology Officer, noted that user protection remains a central focus for the company. He revealed the role of advanced technological tools and processes in helping Binance maintain security across its platform. Despite the company’s preventive measures, Binance encourages users to remain vigilant and take active steps to protect their assets by following recommended security practices.

The annоuncement follows Binance’s report that, as of July, it had secured over $73 million in misplaced or lost funds for external parties.

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LAWRENCE

Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.

Lawrence holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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