TRM Labs Teams Up with Swyftx to Tackle Scams in Australian Crypto Exchange

TRM Labs, a blockchain analytics firm, has partnered with Swyftx, a leading Australian cryptocurrency exchange, to combat scams in the nation. The companies have launched a program that will trial a world-first scam initiative to protect Australian crypto users. The trial will pay users to protect themselves against fraudsters through training and by enabling stronger security features to protect their accounts.

 

 

The initiative comes amid a surge in reported scams in the country, with the latest Australian government data insights indicating that crypto losses from scams increased 90.2% to AUD $160.6 million in 2022. Swyftx’s robust security controls have already stopped around AUD $3 million of customer funds from flowing to customers in 2023. The partnership aims to enhance security and raise awareness among Australian crypto users during the Australian government’s Scam Awareness Week, running from November 27th to December 1st.

The program will encourage users to report suspected scams that involve crypto to Chainabuse so that more scammers can be brought to justice. Swyftx is an AUSTRAC-registered Australian digital assets exchange, with around 700,000 customers across the ANZ region. It is Australia’s top-rated and second-largest crypto exchange. TRM Labs is a blockchain intelligence provider that aims to help financial institutions and cryptocurrency businesses detect and prevent fraud and financial crime.

 

Key Takeaways

 

  • TRM Labs and Swyftx have partnered to combat scams in Australia by launching a program that will trial a world-first scam initiative to protect Australian crypto users.
  • The initiative comes amid a surge in reported scams in the country, with the latest Australian government data insights indicating that crypto losses from scams increased 90.2% to AUD $160.6 million in 2022.
  • Swyftx’s robust security controls have already stopped around AUD $3 million of customer funds from flowing to customers in 2023. The partnership aims to enhance security and raise awareness among Australian crypto users during the Australian government’s Scam Awareness Week.

 

TRM Labs and Swyftx Partnership

 

 

TRM Labs, a blockchain analytics firm, and Swyftx, an Australian crypto exchange, have joined forces to combat scams in the nation. The partnership aims to enhance the security of Swyftx users and protect them against fraudsters through training and by enabling stronger security features to protect their accounts.

The collaboration was announced in November 2023, and it marks a significant step towards creating a safer environment for crypto users in Australia. The partnership will leverage TRM Labs’ expertise in blockchain analytics and Swyftx’s knowledge of the Australian crypto market to develop innovative solutions to combat scams and fraud.

Jason Titman, Swyftx Chief Operating Officer, expressed his excitement about the partnership, stating that it would help Swyftx users stay safe and secure while trading cryptocurrencies. He added that the partnership would also enable Swyftx to stay ahead of the curve in terms of security and compliance.

The partnership between TRM Labs and Swyftx is a testament to the growing importance of security and compliance in the crypto industry. As the crypto market continues to grow, the need for robust security measures and compliance frameworks becomes increasingly critical. The partnership between TRM Labs and Swyftx is a step in the right direction towards creating a safer and more secure crypto ecosystem in Australia.

 

Scam Combat Initiative

 

 

TRM Labs, a blockchain analytics firm, has teamed up with Australian cryptocurrency exchange Swyftx to combat scams in the country. The initiative comes as investment fraud levels in Australia have increased by 162.4% from the previous year, causing concern among crypto users and industry experts alike.

The program, which is part of a national campaign by Swyftx to encourage crypto users in the country to “Resist, Research, Report,” will trial an apparent global first in which Aussie crypto users who activate two-factor authentication on their cryptocurrency accounts will be paid AUD 10 (USD $7.60) worth of Bitcoin. Additionally, the first 2,000 customers who complete a course co-created with TRM Labs on crypto-enabled investment scams will receive the reward.

The course covers various warning signs of investment fraud, as well as how to protect oneself and report suspected fraud. It will be offered via the exchange’s Learn platform, a public forum for educating and protecting crypto users.

The world-first trial aims to enhance security and raise awareness among Australian crypto users during the Australian government’s Scam Awareness Week, running from November 27th to December 1st. The partnership between TRM Labs and Swyftx is a step towards creating a more secure environment for global crypto users and increasing adoption of blockchain technology.

The initiative also highlights the importance of educating oneself and adopting stronger security features, such as two-factor authentication and password or passcode restrictions on crypto payments. Local banks, such as Commonwealth Bank, have also taken measures to protect customer funds by restricting deposits and withdrawals from crypto exchanges.

Overall, the scam combat initiative rewards crypto customers for educating themselves and protecting their investments, while also increasing trust in the banking system and combating scams at a higher level of security.

By Jeff Reed

Jeff is a renowned cryptocurrency expert and thought leader with over a decade of experience in the field. As a pioneer in blockchain technology and digital currencies, Jeff has been instrumental in shaping the crypto landscape. His deep understanding of market dynamics, regulatory frameworks, and technological advancements positions him as a trusted authority in the crypto community. Jeff's insights are regularly featured in leading financial publications, and he is a sought-after speaker at global tech and finance conferences. His commitment to sharing knowledge and promoting innovation in the crypto space reflects his dedication to both expertise and trustworthiness.

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