Binance’s Anti-Fraud Risk Control Measures!

Binance recently shared an article that discusses important fraud methods we should be aware of and includes 8 important points. Here are the details!

You might like: Singapore Central Bank Wants New Rules for Crypto!

As the popularity of the crypto sector has increased in recent times, fraud cases have also increased. It is extremely important for investors to be aware of the latest methods and to be careful.

The leading crypto exchange Binance shared 8 measures that include risk control measures to protect its users from crypto fraud. It stated that new fraud methods are also frequently emerging with the increasing interest in the crypto sector. It emphasized that it is very important for users to have up-to-date information about these methods and how to protect themselves.

How Binance Protects Its Users Against Fraud?

Binance applies various risk control methods to increase the awareness of its users about fraud prevention measures. It divides these measures into eight different levels according to the strength of the fraud risk.

1. Pop-Up Notifications: Pop-up notifications are Binance’s lightest risk warning method. These notifications are used in cases where users appear to be falling into a suspicious fraud trap.
2. Risk Assessment Form: Risk assessment is presented in a survey form. The fraud trap and abnormal points are reviewed again through the answers that users give to the survey.
3. Malicious Database Warning: Binance has created a global address database in cooperation with leading security companies in the Web3 field. Based on its comprehensive address data, it tries to prevent this by sending a warning if users withdraw their funds to risky addresses.
4. Freezing Small Commission Amounts: Ponzi schemes are one of the most common fraud methods in cryptocurrencies. Scammers often try to lure their chosen victims with a few initial investments. In reality, these investments are fake and are designed to lure victims into more serious frauds. When Binance identifies potential victims, it freezes the abnormal flow of funds and provides communication. 5 & 6. Cooling-Off Period (1 Hour & 24 Hours): Cooling-off period is a service that Binance offers to help users stay calm before withdrawing funds. During this period, the withdrawal transactions of the potential victim are disabled. The cooling-off period is divided into hourly and 24-hour periods depending on the level of risk. Users who are subject to a 24-hour cooling-off period should pay attention to their current withdrawal transactions.
5. Chat Intercept: In addition to the above services, some users may want to ask what is happening. They may be suspicious of the pop-ups, assessments, or interventions that appear during withdrawal transactions. Therefore, Binance Customer Service will be involved in discussions in order to reveal the details of the fraud trap to users.
6. Wake-Up Call: The wake-up call is a special tool for victims who fall deep into the fraud trap. In the event of an emergency or a situation affecting a large amount of funds, the service team will provide the user with a call. Here, a Binance customer support employee will provide special support by directly communicating with the user via Binance chat feature.

If you have been a victim of fraud, it is very important to contact Binance authorities. The giant exchange attaches great importance to the security of user funds.