TRM Labs, a leading blockchain intelligence solutions provider, has joined forces with Australian digital asset exchange Swyftx to empower virtual asset users to protect their accounts against fraudulent actors. This novel partnership aims to incentivize users in Australia to strengthen their security measures amid the rising number of scams in the crypto market.
As part of this groundbreaking initiative, users will receive training on how to prevent potential scams and identify bad actors in the market. By adopting new security features on their accounts, users will be eligible for rewards. To kickstart this program, users who activate a two-factor authentication on their accounts will receive 10 Australian dollars worth of Bitcoin (BTC). The implementation of two-factor authentication has long been a best practice in the crypto industry, significantly enhancing security beyond traditional passwords.
To ensure users are well-informed about the tactics employed by bad actors in investment scams, Swyftx and TRM Labs have developed an education course. The completion of this course will be a prerequisite for participating in the reward program. Through partnership with TRM Labs, Swyftx will offer the course through its learning platform. Importantly, users will also be encouraged to report suspected cases of fraud to TRM Labs’ subsidiary, chainabuse.com. Acting as a public forum, chainabuse.com enables users to flag and share information on illegal activities across multiple blockchain networks. By providing users with a platform to report and discuss potential scams, this initiative aims to create a more transparent and secure crypto ecosystem.
This world-first trial is set to span one week, coinciding with Scam Awareness Week from November 27 to December 1. Swyftx has embraced the theme “Resist, Research, Report” for this event, urging users to exercise caution and take proactive measures to protect themselves from scams. By participating in this program, users not only contribute to their own security but also create a safer environment for the entire crypto community in Australia.
Jason Titman, the Chief Operating Officer of Swyftx, emphasized the importance of careful scrutiny and research when dealing with potential bad actors. He urged crypto users to resist the temptation to hastily invest money in wallet addresses claiming to be lucrative opportunities. Titman stressed the significance of arming oneself with knowledge about scams and actively reporting any suspicious activity. Some financial institutions have even gone so far as to restrict certain cryptocurrency payments, citing concerns over possible exposure to fraud.
By incentivizing responsible security practices, TRM Labs and Swyftx are taking a commendable step towards promoting safer crypto transactions in Australia. Through education, training, and user reporting, this partnership aims to create a more resilient and trustworthy ecosystem. It is crucial for users to stay vigilant, conduct thorough research, and report any suspicious activity to protect themselves and others from falling victim to scams. As the crypto market continues to grow, initiatives like these will play a crucial role in fostering a secure and trustworthy environment for all participants.
