Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, is launching a dedicated security page to guide users on how to spot and avoid scams. The page, available in both Spanish and Portuguese in Latin America, is part of a campaign that aims to educate and protect users by offering, in one place, relevant information and tools against digital fraud.
The content on the page, which will also be amplified via social media, includes articles and videos with instructions on how to identify and avoid common scams, safe investment practices, information on how to protect personal and financial information, and tools and processes that Binance has in place to protect users. Additionally, the company will host webinars and Q&A sessions with security experts to engage the community and address their questions.
“At Binance, user safety is our priority. We are committed to providing the tools and knowledge necessary for everyone to navigate the world of crypto with confidence and security,” said Guilherme Nazar, Binance Regional Vice President for Latin America. “Latin America is a fast-growing region for the crypto market, and we want to ensure that our users are well informed and protected.”
Education is a key pillar of Binance’s efforts to help users make informed and confident decisions. Binance Academy, the exchange’s educational arm, offers a variety of free content on security, and many other topics, available for users to access at any time, in over 30 languages. Since the beginning of 2023, over 500,000 users have participated in educational programs and workshops offered by Binance on security and best practices in using cryptocurrencies.
Preventing Billions in Losses
Binance continues to go above and beyond to secure user assets, employing a sophisticated in-house risk engine that performs 24/7 real-time monitoring, leveraging a combination 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 activities that could have affected over 1.2 million users globally. The stage where suspicious transactions are most frequently detected is the cryptocurrency withdrawal stage, accounting for approximately 45% of that amount.
Beyond monitoring and detection, Binance also employs a wide range of tools and measures to protect users from crypto scams. The organization’s risk control measures are divided into eight levels based on risk severity, ensuring a balance between user experience and security. These measures range from customized pop-up notifications to cooling-off features and wake-up calls. Additionally, Binance offers various appeal 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.
Be vigilant
Scams can be varied and sophisticated, often preying on users' trust or inexperience. Despite all the security and compliance measures taken by Binance, the company stresses that it is important for users to remain vigilant. Here are some of the most common crypto scams and some tips on how to avoid them:
Fake employee profiles: One of the most common methods is the creation of fake profiles on social media such as Instagram or WhatsApp, where scammers pose as employees of exchanges or investment platforms. These profiles may promise personalized assistance, exclusive technical support, or even investment opportunities with a “guaranteed return.” 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 via WhatsApp. Additionally, users can always verify the legitimacy of someone claiming to represent Binance with the Binance Verify tool.
Fake technical support: Another common scam involves imposters posing as technical support for crypto platforms. They contact victims claiming that there is a problem with their account and ask for personal data such as passwords or private keys. It is important to remember that legitimate platforms like Binance never ask for this information directly.
Fake 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, allowing scammers to steal their information. Always be wary of incoming links and make sure you are accessing the official website. Also, if the user doubts the authenticity of an email from Binance, they should contact Binance Customer Support and send them the EML file of the email along with relevant screenshots.
Fake investment offers: Promises of “guaranteed profits” are one of the biggest indications of fraud. Scammers may create pyramid schemes or offer investment opportunities with unrealistically high returns, claiming that through these operations they have reached a new level of quality of life, boasting about luxury cars and real estate. Remember that the cryptocurrency market is volatile and no serious platform guarantees profits.
Fake Apps: There are cases where scammers create fake apps, available even on official stores, to trick 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.
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