At Bit2Me they take the fraud prevention very seriously. That is why they have just made public the data on the money saved by their clients in possible frauds during 2023 and so far in 2024, with 1,5 million euros and 1,6 respectively.
The Bit2Me Compliance department has also just get the certifications ISO 37001, focused on anti-corruption and business ethics; ISO 37301, which provides a framework for the compliance management system; and UNE 19601, which establishes good practices in criminal compliance management, thus leading the cryptoasset sector in this regard worldwide and thus becoming the first company globally to obtain three essential Compliance certifications.
Bit2Me has published this data after analysing all the types of fraud that its clients may receive through different channels and the measures that have been implemented by the company.
In this regard, Bit2Me's policy is to act against fraud on different fronts with specialized tools, early warnings, processes and action protocols to prevent customers from falling into fraud. In addition, it also has measures to help potential customers who have already been scammed or are in the process of being scammed when unusual or suspicious activities are detected in their Bit2Me accounts.
To João Augusto Teixeira, Chief Compliance Officer of Bit2Me“These actions against fraud are not only positive for the people we prevent from losing money, but also for our own platform and for the crypto ecosystem, helping to eliminate the ways in which these professional scammers steal from people. It is another example of our commitment to regulatory compliance and to being a safe exchange with all the guarantees for our users.”
Pedro Filipe Chicau, head of fraud at Bit2Me, has pointed out that one of the most common scams is the "romance scam." "The scammer tries to create a relationship of trust with the victim through social networks. Later, after managing to connect emotionally with the victims, the manipulation begins to get the victim to start sending them funds in cryptocurrencies," he explained.
An example provided by the company illustrates the effectiveness of its preventive measures. Peter Philippe The company reports that, upon detecting irregular activity on an account, they contacted the client and discovered that he had been the victim of an elaborate scam initiated through social media. Thanks to Bit2Me's timely intervention, a loss of more than 70.000 euros was avoided.
Regarding the profile of potential victims, the company points out that this type of fraud affects people of all ages, although the majority tend to be older people. This population is particularly vulnerable due to their limited knowledge of technology and the cryptocurrency market. “Scammers target this group of people, build a relationship of trust over time and eventually manage to steal their money. These relationships usually develop over several months,” concluded Pedro Filipe Chicau.
Five tips to avoid falling into fraud
- Check the legitimacy of the platforms: Make sure you use reputable exchanges and digital wallets. Research the platform, read reviews, and check its security record before depositing funds.
- Never share your private keys: Keep your private keys and passwords safe and never share them with anyone. Private keys are the only way to access your cryptocurrencies, and if someone else gets them, they can steal your funds.
- Be wary of promises of high profits: Be skeptical of any offer that promises extraordinarily high returns with little or no risk. Investment scams often use these tactics to lure victims.
- Educate and update your knowledge: Stay informed about the latest trends and fraud tactics in the cryptocurrency world. Continually educating yourself will help you recognize warning signs and make informed decisions.
- Use two-factor authentication (2FA): Enable two-factor authentication on all your cryptocurrency-related accounts. This adds an extra layer of security, making it harder for scammers to access your accounts even if they obtain your password.
