Dunamu and Upbit’s Efforts in Fighting Phishing Fraud

03/03/2023 05:10 • Daily Digest • 74 views

On March 3, Dunamu, the parent company of Upbit, announced that in 2022, Upbit returned about 2.558 billion won (about 1.96 million US dollars) to 72 victims of phishing fraud. Dunamu said that before the implementation of the Telecom Fraud Damage Compensation Law, Upbit had taken active measures to prevent crimes related to digital assets and protect users. Upbits are doing their best to prevent phishing fraud by upgrading the fraud transaction detection system (FDS) and strengthening the deposit and withdrawal monitoring system.

Upbit parent company: returned more than 2.5 billion won to the victims of telecommunications fraud in 2022

Interpretation of the news:

Dunamu, the parent company of Upbit, has announced that the South Korean cryptocurrency exchange has returned 2.558 billion won ($1.96 million) to 72 victims of phishing fraud in 2022. This restitution reflects the proactive measures taken by Dunamu and Upbit to combat crimes related to digital assets and protect their users.

Phishing fraud, a type of cybercrime that targets unsuspecting individuals to obtain sensitive information such as passwords or credit card numbers, has become a frequent issue in the cryptocurrency industry. Upbit has recognized the importance of safeguarding their users’ assets from such fraudulent activities and has taken steps to prevent them.

One method used by Upbit is upgrading their fraud transaction detection system (FDS), a sophisticated tool designed to detect suspicious transactions before they become fraudulent. The FDS algorithm is based on artificial intelligence and machine learning which allow it to analyze historical data and identify patterns that indicate fraudulent behavior. This helps Upbit to quickly detect and prevent unauthorized transfers.

In addition to the FDS, Upbit has also strengthened their deposit and withdrawal monitoring system. They have implemented stricter verification procedures for account owners to prevent unauthorized access. They have also established an emergency response team that can quickly investigate and resolve any suspicions of fraudulent activity.

Overall, Dunamu and Upbit’s actions demonstrate a commitment to the safety and security of their users’ assets. Their measures to combat phishing fraud are essential in protecting the growing number of individuals who are investing in cryptocurrencies. This proactive approach sets a standard for other cryptocurrency exchanges to follow.

In conclusion, Dunamu and Upbit’s commitment to protecting their users is commendable. Their proactive measures in upgrading the FDS and deposit and withdrawal monitoring system to prevent phishing fraud sets them apart from other exchanges. These actions not only help to strengthen the security of investors’ digital assets but also build confidence in the cryptocurrency industry.

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Dunamu and Upbit’s Efforts in Fighting Phishing Fraud

Upbit parent company: returned more than 2.5 billion won to the victims of telecommunications fraud in 2022

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