Main topics of the post:

  • The initiative, which is part of a campaign that includes social media, aims to educate and protect users by offering relevant information and tools against digital fraud in a single place.

  • On the page, investors will be able to find important information about where to ask for support, tools to check the authenticity of pages, profiles and professional emails, as well as tips to protect themselves from the most common scams.

Binance is launching a dedicated user security page to provide guidance on how to spot and avoid scams. The page, available in Spanish and Portuguese in Latin America, is part of a campaign that aims to educate and protect users by providing relevant information and tools against digital fraud in a single place.

The landing page, which will also be amplified via social media, includes how-to articles and videos on how to identify common scams and how to avoid them, safe investment practices, how to protect personal and financial information, and Binance’s tools and processes to help users protect themselves. Additionally, Binance will host webinars and Q&A sessions with security experts to engage the community and answer any questions.

"At Binance, user security is our top priority. We are committed to providing the tools and knowledge needed for everyone to navigate the world of crypto with confidence and security. Latin America is a rapidly growing region for the crypto market and we want to ensure our users are well informed and protected." Guilherme Nazar, Binance Regional Vice President for Latin America

Education is a key pillar of Binance’s efforts to help users make informed and secure decisions. Binance Academy, the exchange’s educational arm, offers a variety of free security content for users to access at any time, in over 30 languages. Since the beginning of 2023, over 500,000 users have participated in Binance’s educational programs and workshops on cryptocurrency security and best practices.

Preventing billions in losses

Binance continues to go above and beyond to protect users’ assets and employs a sophisticated internal risk engine that performs 24/7 real-time monitoring, leveraging a hybrid of artificial intelligence (AI) and manual review. This allows the Binance team to dynamically and accurately detect suspicious transactions and take action to protect users quickly. Still, the exchange stresses that it is important for users to remain vigilant.

From January to July 2024, Binance prevented over $2.4 billion in losses from potential scams and fraudulent activity that could have impacted over 1.2 million users worldwide. The stage at which suspicious transactions are flagged most frequently is the cryptocurrency withdrawal stage, accounting for about 45% of this amount.

In addition to monitoring and detection, Binance also employs a wide range of tools and measures to protect users from cryptocurrency scams. The organization’s risk control measures are divided into eight levels according to the severity of the risk, ensuring a balance between user experience and security. These measures range from personalized pop-up notifications to cooldown features and wake-up calls. Additionally, Binance offers multiple appeals handling channels, from fully automated to manual processes, to assist users who have been flagged as potentially at risk and are looking to resolve their issues.

Beware of the most common scams

Scams can be varied and sophisticated, often taking advantage of users’ trust or inexperience. Despite all the security and compliance measures taken by Binance, the exchange stresses that it is important for users to remain vigilant. Here are some of the most common cryptocurrency scams and tips on how to avoid them:

  • Fake employee profiles: One of the most common methods is to create fake profiles on social media platforms like Instagram or WhatsApp, where scammers pretend to be employees of exchanges or investment platforms. These profiles may promise personalized assistance, exclusive technical support, or even investment opportunities with “guaranteed returns.” However, the goal is to convince the user to transfer their cryptocurrencies to the scammers. It is important to note that Binance never contacts users on WhatsApp. Additionally, users can always verify the legitimacy of someone claiming to represent Binance with the Binance Verify tool.

  • Fake tech support: Another common scam involves scammers posing as tech support for crypto platforms. They contact victims claiming there is a problem with their account and ask for personal details such as passwords or private keys. It is important to remember that legitimate platforms like Binance never ask for this information directly.

  • Phony emails, websites, and phishing: Phishing is a common technique where scammers create fake websites that mimic real exchange platforms. Through malicious links sent via email, SMS, or social media, users can end up accessing these fake pages and entering their login details, which allows scammers to steal their information. Always be cautious about the links you receive and make sure you are accessing the official website. Additionally, if a user has any doubts about whether an email from Binance is authentic, they should contact Binance Customer Support and send the EML file of the email along with corresponding screenshots.

  • Fake investment offers: Promises of “guaranteed profits” are one of the biggest signs of fraud. Scammers may create pyramid schemes or offer investment opportunities with unrealistically high returns, indicating that through these operations they have achieved a new level of quality of life, showing off luxury cars and real estate. Remember that the cryptocurrency market is volatile and that no reputable platform guarantees profits.

  • Fake apps: There are cases where scammers create fake apps, even available in official stores, to deceive investors. By downloading these apps, the user may be directed to send their cryptocurrencies to wallets controlled by the scammers, or the scammers may gain access to the victim’s private keys. Users should only download the Binance app from official channels, such as our website, Google Play Store, or Apple App Store.

Read also:

  • Binance Recovers Over $73 Million in Stolen Funds from Third Parties

  • The 4 Essential Tools to Increase the Security of Your Binance Account