Binance, in partnership with law enforcement agencies, is launching a campaign to prevent scams by issuing targeted alerts to potential victims, according to a March 3 blog post by the company. The project, called Joint Anti-Fraud Campaign, was first launched in Hong Kong and the company now intends to expand it to other jurisdictions. According to the company's post, it worked with the Hong Kong Police Force's Cyber Security and Technology Crime Branch to create "alert and crime prevention information" for Hong Kong residents. As part of the pilot project, when users attempt to withdraw money, they will receive warning messages that will provide them with information about common scams and tips on how to avoid them.
Binance considers the pilot program a success and plans to work with police in other jurisdictions to produce tailored warning messages for customers outside of Hong Kong.
Social engineering and phishing scams have been a recurring problem for crypto users. In February, scammers allegedly created a fake ETHDenver conference website, and then they called functions on malicious contracts to trick users into giving up their cryptocurrencies. More than $300,000 worth of cryptocurrency is believed to have been stolen through the scam. In another instance, an influential non-fungible token promoter had over $300,000 worth of CryptoPunks removed from his wallet after apparently being tricked into interacting with a phishing site.
