TRM Labs and Australian digital asset exchange Swyftx have joined forces to launch a world-first trial that rewards virtual asset users for taking steps to protect their accounts against fraudulent actors. With the rise in scams this year, the partnership aims to incentivize users to strengthen their security measures and prevent potential scams.
As part of the trial, users will receive training on preventing scams and identifying bad actors in the market. They will be encouraged to activate two-factor authentication on their accounts, a security feature commonly used by cryptocurrency firms. To incentivize users, Swyftx will reward them with 10 Australian dollars worth of Bitcoin (BTC) for enabling this additional security layer.
To educate users on the patterns of bad actors and investment scams, a comprehensive education course has been created in partnership with TRM Labs. This course, available on Swyftx’s learning platform, will help users recognize warning signs and report suspected cases of fraud. Additionally, TRM Labs’ subsidiary, chainabuse.com, provides a platform for users to flag illegal activity and share information with the community prior to engaging with potential scams.
The trial will run for one week and align with Scam Awareness Week from November 27 to December 1. Swyftx’s theme for this event is “Resist, Research, Report,” urging users to carefully evaluate investment opportunities, research scams, and report any suspicious activity. This initiative aims to raise awareness about the importance of protecting oneself against fraudsters in the crypto space.
Jason Titman, the Chief Operating Officer of Swyftx, emphasizes the need for users to be vigilant and proactive in detecting potential scams. He advises users to resist the urge to quickly send money to any crypto wallet claiming to be an investment opportunity. Instead, users should research scams and familiarize themselves with warning signs. By doing so, users can protect themselves and prevent falling victim to fraudulent schemes.
TRM Labs and Swyftx’s partnership represents a significant step in prioritizing security within the crypto industry. By incentivizing users to enhance their security measures, this trial aims to instill a sense of responsibility among users and drive investment in the market. With the increasing number of scams in the digital asset space, it is crucial for users to take proactive steps to safeguard their accounts.
The collaboration between TRM Labs and Swyftx marks a groundbreaking initiative in the crypto industry. By providing users with training, incentives, and educational resources, this partnership aims to protect virtual asset users from fraudulent actors. The trial not only encourages the adoption of stronger security measures but also promotes awareness and knowledge in identifying potential scams. Through collective efforts, users and industry stakeholders can create a safer and more secure environment for cryptocurrency investments.
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