Mantle

Billion

Binance, the global leader in cryptocurrency exchange by trading volume, has successfully prevented potential losses totaling to more $2.4 billion from January to July 2024.&nbsp; 
This proactive measure has protected over 1.2 million users from scams and fraudulent schemes. Binance’s advanced risk engine, which utilizes&nbsp; both artificial intelligence and manual oversight to monitor transactions continuously across its platform, is the reason to this success. 
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The system ensures round-the-clock surveillance of all activities within Binance, including payment processing, and cryptocurrency withdrawals and peer-to-peer trading. By integrating multiple layers of security controls, the risk engine effectively maintains the overall risk at manageable levels. 
A significant chunk of the averted losses, over $1.1 billion, relates to attempted fraudulent withdrawals, representing about 45% of the total prevented losses. This area has become a focal point for Binance’s risk management team, demonstrating the critical need for stringent controls during the withdrawal process. 
Rohit Wad, Binance’s Chief Technology Officer, shared insights into the company’s dedication to user protection. He explained, “The substantial amount of potential losses prevented in just seven months underscores our relentless commitment to security. We are continuously advancing our technology to ensure our users’ assets are protected effectively.” 
In addition to its sophisticated monitoring technologies, Binance implements various protective measures designed to educate and empower users. These include customized alerts and mechanisms to temporarily halt suspicious activities, which are categorized across eight levels of severity to ensure optimal balance between security and user experience.&nbsp; 
The company also facilitates a range of solutions for users who dispute being flagged by the system. 
While Binance’s infrastructure provides robust protection, the importance of user vigilance cannot be overstated.&nbsp; 
“Our extensive security measures significantly reduce risk, but we also urge our users to be proactive in securing their accounts,” Wad added. “Staying informed and employing strong security practices are crucial.” 
As Binance continues to refine its security capabilities, its efforts in safeguarding user assets against crypto scams have been pivotal. The ongoing commitment to enhancing user safety is integral to fostering a secure and trustworthy trading environment. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/19/binance-web3-wallet-unveils-2-5m-cook-airdrop-for-eth-stakers-on-mantle/" target="_blank" rel="noreferrer noopener">Binance Web3 Wallet unveils 2.5M COOK Airdrop for ETH Stakers on Mantle</a> 
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Binance Prevents $2.4 Billion in Crypto Scams and Frauds

The Crypto Times

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