TechFlow news — On August 20, according to an official blog post, Binance announced that from January to July 2024, it successfully prevented over $2.4 billion in potential losses from scams and fraudulent activities that could have affected more than 1.2 million users. Binance employs an advanced internal risk engine, combining artificial intelligence with human review for 24/7 real-time monitoring.
Of the $2.4 billion in prevented losses recorded this year, withdrawals related to suspected cryptocurrency scams exceeded $1.1 billion, accounting for 45% of the total prevented amount. This data highlights that cryptocurrency scams remain a significant threat to users.
Binance CTO Rohit Wad emphasized that user security is Binance's top priority, and the company is committed to building and maintaining industry-leading technical tools and security processes. He urged users to stay vigilant, take proactive responsibility for their own security, adopt strong security measures, and remain alert to potential scams. Additionally, Rohit Wad stated that Binance will continue increasing investment in its technology and security infrastructure to further enhance platform security and user experience.
