Key Notes
- Binance’s Anti-Scam Refund Initiative recovered $9.1 million and prevented $129 million in potential losses in 2024.
- The company blocked 47,000 malicious addresses and made 30,000 calls to warn potential victims.
- Binance’s AI-driven tools and 24/7 support helped conduct 80 monthly recoveries, preventing major losses.
Binance’s 2024 Anti-Scam Refund Initiative End-of-Year Report highlights significant progress in combating crypto fraud through advanced strategies and global partnerships. The report reveals a recovery of $9.1 million alongside the prevention of over $129 million in potential losses, reflecting a steadfast dedication to safeguarding users worldwide.
With 30,000 calls made to potential victims and 47,000 malicious addresses blacklisted, the company’s approach goes beyond mere reaction, prioritizing prevention and proactive user education. Daily, Binance sends 15,000 alerts to warn users about risks, reinforcing its standing as a leader in crypto security.
Binance is not just fighting scams; it’s setting new benchmarks in risk management and user protection. The report emphasizes that scams target anyone, regardless of age or profession—an unsettling truth as scams become increasingly elaborate and exploit emotions and trust.
Binance 24/7 AI Support Saves Victims
The Anti-Scam Refund Initiative runs non-stop, integrating sophisticated AI tools, including Binance Sensei, with empathetic human support to identify victims and guide them through the recovery process. Its success hinges on four pillars: proactive protection, a 24-hour safety net, rapid response recovery, and silent sufferer support.
The 24-hour safety net has proven critical. Binance temporarily freezes flagged accounts, allowing victims to report incidents and potentially recover funds. In 2024 alone, 20,000 high-risk chats were conducted to alert vulnerable users, often preventing devastating losses.
Another game-changer is Binance’s rapid response recovery system, which uses AI-powered analysis to flag suspicious activity in seconds. Combined with manual reviews, this system ensures every case is handled with precision, offering victims a chance to reclaim stolen assets.
50 AI Models, 80 Monthly Recoveries
At the heart of Binance’s success is its reliance on artificial intelligence and machine learning. Over 50 custom models were developed and updated 14 times this year to detect scam tactics. These models analyze behavior, predict scams before they happen, and operate in real-time to intervene instantly.
Binance also monitors how stolen funds move across platforms, casting a wide net to freeze associated accounts. This vigilance significantly boosts recovery chances, though users are reminded to report incidents promptly to increase the likelihood of success. In the words of the report:
“Every recovery is a victory—not just for the individual but for the entire community.”
The sheer scale of Binance’s efforts in 2024 is hard to ignore. Beyond the millions recovered, the company’s proactive approach has prevented untold pain for countless users. On average, 80 successful recoveries were made monthly, while the platform’s blacklist grew with thousands of flagged addresses.
Users are encouraged to leverage tools like Binance Verify, personalized anti-phishing codes, and EML Verification Service. These tools empower users to safeguard their assets in a world where scams evolve daily.
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With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
