Binance has elevated its scam prevention strategies to fortify user security, particularity against the growing sophistication and frequency of scams in the fledgling crypto industry. The company's revised risk control measures are divided into eight levels based on the strength of the scam's risk, ensuring a balance between user experience and security.
Algorithm-enabled fraud indexes trigger Binance’s mildest risk alert method - customized pop-up notifications that alert users of abnormal behaviour suspected of fraud.
To assist user groups more vulnerable to scams, Binance provides an interactive risk assessment form, presented as a questionnaire. Users' responses help judge risks accurately and take corresponding control measures.
In partnership with leading security companies, Binance also maintains a global malicious address database alert to curb the transfer of funds to risky addresses. To counter prevalent Ponzi schemes, Binance alerts users of suspect low-value profits potentially used as bait in scams and freezes these "profits".
To encourage potential scam victims to pause and rethink their actions, Binance employs a Cooling-Down service that disables the withdrawal function for one-hour or 24-hour windows, depending on the level of assessed risk.
If users remain uncertain about pop-ups, evaluations, or interceptions while attempting to withdraw funds, Binance's chat dissuasion service will provide standardized risk service processes.
The ultimate measure is the "Wake-Up Call" where, in urgent situations involving large amounts of funds, Binance's customer support team conducts a direct voice call with the susceptible user.
Lastly, when a user insists on withdrawing funds despite understand the risks, they'll be asked to sign a scam risk disclosure statement.
It is essential to report any scam activities swiftly to Binance and local law enforcement agencies. Although recovery of stolen funds isn’t guaranteed, reporting is the primary tool for pursuing potential retrievals. Binance continues to refine its protective strategies and urges users to stay updated on evolving crypto scams.
