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Strengthening Resilience, Collaboration, Education is key to Combat Scams: Binance APAC Exec

Australia

Binance crypto scams

The executive noted that “fighting scammers is everyone's business.”

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Sujha Sundararajan

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Sujha Sundararajan

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Last updated:

October 28, 2024

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Binance APAC exec highlights ways to combat crypto scams.

Binance APAC head of law enforcement training and intelligence has urged Australians to be aware of potential cybercrime. The executive noted that “fighting scammers is everyone’s business.”

Jarek Jakubcek of Binance noted that there has been a steady decline in global crypto hacks since 2021. He attributed the trend to blockchain’s transparency, security, and traceability.

“Globally, governments, regulators, and law enforcement authorities are recognising the benefits of this transparency and the power of crypto and the blockchain in protecting citizens from cybercriminals,” Jakubcek wrote in an article for the Australian Business Review. His op-ed coincides with Australia’s Cybersecurity Awareness Month.

Per a Binance research, $1.3 billion has been lost in crypto hacks year-to-date, on a downward trend since 2021. Another Chainalysis data revealed a notable drop in crypto value received by illicit addresses from $39.6 billion in 2022 to $24.2 billion in 2023.

However, Jakubcek added that cybercrime is on the rise in Australia, with over 600,000 scams reported in 2023. He further said that Binance, working with global law enforcement, helped recover $73 million in illicit funds in 2024.

The crypto behemoth recently worked closely with the Australian Federal Police, to recover AU$777,000 ($512,800) stolen funds for a victim.

“Given the transparent nature of blockchain, we were able to track, trace, and freeze the account, and assist law enforcement to recover and return most of the stolen funds to the victim.”

Binance Official Outlines 4 Ways Aussies Can Minimize Cybercrime Risk

According to Jakubcek, there are four “simple steps” every Australian can take to improve cybersecurity and avoid becoming a victim. These include activating multi-factor authentication, keeping devices and software up-to-date, using strong password phrases and being quick to report phishing.

“Prevention of a financial loss is always much easier than subsequent efforts to investigate and recover funds,” he wrote. It is also important for individuals to do their own research, understand cryptos and its technology, take security measures and avoid guaranteed offers that promise high-returns.