Binance has successfully prevented potential user losses of $2.4 billion in 2024

ChainCatcher news, according to the official blog, Binance announced that from January to July 2024, it successfully prevented losses of over $2.4 billion from potential scams and fraudulent activities that could have affected more than 1.2 million users.

Binance has adopted an advanced internal risk engine that utilizes a hybrid approach of artificial intelligence (AI) and manual review for real-time monitoring around the clock. Of the $2.4 billion in prevented losses recorded so far this year, over $1.1 billion is related to suspected cryptocurrency scams, accounting for approximately 45% of the total amount.

Binance's Chief Technology Officer Rohit Wad stated, "User-centricity has always been Binance's top priority, which reflects our commitment to building and maintaining industry-leading technological tools and security processes that enable us to protect users and their assets around the clock."

He also added, "We want users to remain vigilant and take responsibility for their own security. While our team has implemented extensive measures to protect your funds, users themselves always play the biggest role in safeguarding their assets. Stay informed, use strong security measures, and be alert to potential scams."