2024

Security

Billion

<ul>
 <li>Binance thwarts $2.4B in fraud, protecting 1.2M users with AI-driven risk management from Jan to Jul 2024.</li>  
 <li>Over $1.1B in potential losses from illicit withdrawals prevented by Binance's advanced security systems.</li>  
 <li>Binance recovers $73M in lost funds, aiding fraud victims and freezing assets linked to external hacks.</li> 
</ul>  
<p>Binance successfully intercepted fraudulent activities that could cost over $2.4 billion from January to July 2024. This initiative safeguarded approximately 1.2 million users globally, underscoring the effectiveness of the platform's advanced risk management and monitoring systems.</p>  
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<h2 class="wp-block-heading" id="h-advanced-detection-and-prevention-strategies">Advanced Detection and Prevention Strategies</h2>  
<p>Binance's real-time risk engine, which combines artificial intelligence (AI) and manual review procedures, is necessary for <a href="https://cryptonewsland.com/taiwan-and-binance-partner-to-crack-down-on-major-crypto-money-laundering-case/" target="_blank" rel="noopener noreferrer nofollow">monitoring</a> transactions across its numerous services. This technology is skilled at detecting and responding to suspicious activity quickly, avoiding fraudulent transactions before they occur.&nbsp;</p>  
<p>In the reported period, Binance managed to avert fraudulent losses of more than $1.1 billion related to suspicious withdrawal attempts. These attempts involved criminals trying to transfer funds outside Binance’s secure environment, which the system promptly identified and stopped.</p>  
<h2 class="wp-block-heading" id="h-comprehensive-security-measures">Comprehensive Security Measures</h2>  
<p>The security framework at Binance is multi-layered, applying stringent controls across different aspects of its platform. These include peer-to-peer trading, payment processing, and network withdrawals. Tools such as customized pop-up notifications and cooldown periods are deployed to inform users of potential risks, enhancing proactive security measures.</p>  
<p>Additionally, <a href="https://cryptonewsland.com/binance-back-in-india-operations-resume-after-regulatory-green-light/" target="_blank" rel="noopener noreferrer nofollow">Binance </a>provides several channels for users to appeal and address issues if their transactions are flagged. This comprehensive approach protects individual users and fortifies the platform's overall security.</p>  
<h2 class="wp-block-heading" id="h-collaboration-and-recovery-efforts">Collaboration and Recovery Efforts</h2>  
<p>Besides internal security measures, Binance collaborates with other industry stakeholders and public sector entities to assist users impacted by scams and fraudulent activities. By the end of July 2024, Binance had also recovered and secured approximately $73 million in misplaced or lost funds for external parties.&nbsp;</p>  
<p>This includes large sums of funds lost in various incidents and freezing assets acquired through illicit activities that had been transferred to the exchange. Approximately 80% of these recoveries are attributed to hacks, exploits, and thefts outside of Binance’s platforms, indicating the broader impact of its security initiatives.</p>  
<h2 class="wp-block-heading" id="h-market-leadership-and-trust">Market Leadership and Trust</h2>  
<p>Despite the robust security measures in place, Binance’s Chief Technology Officer, Rohit Wad, emphasizes the importance of user vigilance. He advises users to adopt strong security practices and stay informed about potential scams. Proactive security measures are crucial, yet the user's role in maintaining their asset's security is equally significant.</p>  
<p>Binance’s efforts in securing user transactions and assets have reinforced its position as a trusted leader in the cryptocurrency exchange market. A recent survey highlighted Binance as the most preferred platform among Chinese-speaking users, commanding over 60% market share in key categories such as user volume and transaction activity. This trust is attributed to its continuous efforts to enhance security measures and responsiveness to emerging <a href="https://cryptonewsland.com/binance-introduces-toncoin-to-launchpool-and-super-earn-with-exclusive-staking-rewards/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> landscape threats.</p> 
<p>The post <a href="https://cryptonewsland.com/binance-prevents-over-2-4-billion-in-fraudulent-transactions-in-2024/" rel="noopener noreferrer nofollow">Binance Prevents Over $2.4 Billion in Fraudulent Transactions in 2024</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Binance Prevents Over $2.4 Billion in Fraudulent Transactions in 2024

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