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According to a statement made on Monday, a Blockchain analysis firm called TRM Labs will collaborate with Swyftx, Australia’s stock exchange, to combat fraud.
The program to be implemented with the cooperation will test a global first, where Australian crypto users who enable two-factor identity verification in their crypto accounts will be paid Bitcoin valued at 10 AUD (6.6 USD).
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This application was initiated to coincide with the Australian government’s Fraud Awareness Week (27 November – 1 December). The announcement stated that the trial will test the impact on investment fraud levels by rewarding crypto customers for protecting their accounts and educating themselves on how to avoid fraud.
Two-Factor Identity Verification (2FA) is a security process that requires two identification formats to access resources. This method provides a higher level of security than single-factor processes where the user typically provides a single form of identification, usually a password or passcode.
The first 2000 customers in TRM Labs will be given a reward by Swyftx
The first 2000 customers who activate two-factor identity verification in their accounts and complete a course created with TRM Labs will be given a reward by Swyftx.
According to the announcement, Australians reported losses of 221 million AUD (146 million USD) in cryptocurrencies in 2022, a 162.4% increase from the previous year. This year, Swyftx, prevented 3 million AUD worth of customer funds from going to scammers.
Since the FTX crash, Australia has taken steps to tighten crypto regulations. These steps taken in 2023 included the Australian regulators’ measures against crypto companies like Block Earner and eToro.
Blockchain industry stakeholders have taken a stand against restrictions imposed by local banks on crypto payments; the Commonwealth Bank was one of the platforms that imposed partial restrictions citing fraud.
Binance Australia suspended bank transfer deposit and withdrawal transactions due to the decision of a third-party payment service provider. It appeared as though the Australian government and the Blockchain industry had later reached a consensus.
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