Global cryptocurrency exchange Binance is joining forces with the Macau Judiciary Police to launch a joint anti-scam campaign to increase risk awareness and reduce the risk of fraud in the digital space.
Via the new anti-scam campaign, Binance and the Macau Judiciary Police plan to enhance users’ awareness of online fraud and reduce their risks of being scammed by building tailored anti-fraud alerts into our system.
According to the Judiciary Police, telecom and online fraud caused losses of more than 310 million patacas (approximately $38.6million) last year, with telephone and investment fraud being the predominant crimes contributing to this number.
Under a new anti-fraud safety mechanism, when Macau users withdraw their assets from Binance, the system will pop up the anti-scam warning notification tailored by Judiciary Police, providing users with practical tips and contact information of local law enforcement agencies. Thanks to this feature, users will be prompted to stop and thoroughly reassess the risks associated with each transaction, thereby reducing the chance of being scammed.
Carlos Mak of Binance’s Financial Crimes Compliance Unit, commented: “Binance’s primary goal is always to protect users. Previous experience of this campaign in other jurisdictions makes us confident that the collaboration with the Macau Judiciary Police will contribute to enhancing users’ vigilance and thus effectively preventing crime and protecting users’ assets.”
The two entities have already partnered earlier this year, in a move to strengthen Macau officers’ crypto investigation skills with an offline training course.
Tackling financial crime with awareness
Binance revealed it decided to cooperate with the Macau authorities following the success of a similar initiative in Hong Kong. The latest campaign will start as a month-long trial.
A representative of the Judiciary Police of Macau commented: “Judicial Police is committed to combating financial crimes. As part of this work, fraud prevention is the fundamental task for us, and thus by working with stakeholders like Binance, we look forward to helping the public to enhance their ability to identify and respond to potential risks in their daily lives.”
As part of Binance’s efforts to protect users and deter crime, it also aims to expand this programme further to other regions and continue to deepen cooperation with law enforcement agencies worldwide in different aspects of fighting against cybercrime.
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