On August 20, Binance announced that it has successfully prevented losses from potential scams and fraudulent activities of more than $2.40 billion from January to July 2024, which could affect more than 1.20 million users. Binance has adopted an advanced internal risk engine that utilizes a hybrid approach based on artificial intelligence (AI) and human moderation for real-time monitoring 24/7. Of the $2.40 billion prevention losses recorded so far this year, withdrawals related to suspected cryptocurrency scams were more than $1.10 billion, accounting for about 45% of the total amount. "Being user-centric has always been a top priority at Binance, reflecting our commitment to building and maintaining industry-leading technology tools and security processes that allow us to keep our users and their assets safe 24/7," said Rohit Wad, Binance's CTO. He also added, "We want our users to be vigilant and take responsibility for their own security. While our team has implemented extensive measures to protect your funds, users themselves always play the biggest role in protecting assets. Stay informed, use robust security measures, and be alert to potential scams."