According to an online article by Binance on March 3, the company is working with law enforcement agencies to send purposeful alarms to potential victims to carry out a campaign to avoid fraud. The project, called "coordinated Anti-Fraud", was first launched in Hong Kong, and the company is now preparing to expand it to other jurisdictions.

According to the company's post, the company, in collaboration with the cyber information security and cyber key case investigation unit of the Hong Kong Police Force, has made a "warning and avoid important case information" for the Hong Kong resident system. As part of the demonstration project, when users try to withdraw cash, they can receive warnings, give each other information about common scams and tips on how to avoid them.

Over the course of four weeks, Binance examined users' reactions to this information. It found that about 20.4% of users either plan to withdraw money or investigate further to determine whether the transfer may be a scam.

The warning brings statistics on the number of frauds that occurred in Hong Kong in 2001, preferably using quality such as Scameter, risk control system Harmony Core, Cyber Defender and Binance Verify. It also identifies users, and Binance never calls them immediately.

Related: fraud alarm: Trezor warns users of a new Internet man-in-the-middle attack

Binance feels that the demonstration project has achieved good results and plans to work with police in other jurisdictions to tailor warning messages for customers outside Hong Kong.

Social engineering and phishing attack fraud have always been difficulties for login password users. In February of this year, the fraudster is reported to have created a false version of the ETHDenver conference website and then used the site to cajole users into giving him login passwords according to the function formula in the intentional contract. It is said that through this scam, the significance of more than $300000 login password was stolen. In another example, a popular and irreplaceable OTP initiator was robbed of more than $300,000 worth of CryptoPunks from her wallet because she was apparently tricked into interacting with a fraudulent website.