Binance Risk Engine Prevents $2.4 Billion In Potential Losses From Scams In 2024 – Report
Summary
Binance prevented over $2 billion in potential losses from fraud and scams since January 2024, safeguarding 1.2 million users globally. The exchange employs a risk engine using AI and manual reviews to detect suspicious transactions and prevent funds linked to crypto scams. It flagged over $1.1 billion in withdrawals related to suspected scams, comprising 45% of the total prevented losses. Binance's security measures have also led to the recovery or freezing of over $73 million in stolen funds by July 2024, surpassing the amount secured in 2023. The CTO emphasized the importance of user vigilance and strong security practices in safeguarding assets.
