Binance Prevents Potential $2.4 Billion in Fraud Losses in 2024
Binance has announced a major milestone in protecting users from fraud, having prevented potential losses exceeding $2.4 billion from January to July 2024.
This achievement came thanks to advanced risk management measures, which prevented fraudulent activities from affecting more than 1.2 million users.
According to a press release published by Binance, the platform relies on an advanced internal risk engine that provides immediate, round-the-clock monitoring using artificial intelligence and manual reviews.
This system enables Binance to detect and deal with suspicious transactions accurately and quickly.
The risk engine relies on several layers of controls to manage risks and mitigate their effects, as the report stated that the majority of suspicious activity reports occur during the cryptocurrency withdrawal phase.
During this year, Binance succeeded in preventing losses exceeding $2.4 billion, of which approximately $1.1 billion, or about 45%, were attributed to withdrawals linked to suspicious fraudulent operations.
This achievement comes shortly after another announcement indicating that Binanceâs security team has recovered or frozen over $73 million in compromised user funds through July 31, 2024.
