Upbit Returns Over 2.5 Billion Won to 72 Victims of Phishing Fraud

03/03/2023 05:10 • Tech Ticker • 133 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

Interpret the above information:

Upbit, a cryptocurrency exchange platform owned by Dunamu, announced on March 3 that it provided compensation of about 2.558 billion won or approximately 1.96 million US dollars to 72 victims of phishing fraud. This move comes as a part of their continued effort to promote security and protect their clients’ digital assets.

Before the implementation of the Telecom Fraud Damage Compensation Law, Upbit had already implemented various security measures designed to prevent digital crimes and protect user accounts. Additionally, they have continued to upgrade their technology infrastructure, particularly the fraud detection system (FDS), which is critical in flagging and stopping phishing attempts in real-time.

The FDS is responsible for analyzing transactions and detecting suspicious activity, and Upbit has intensified its monitoring and screening of all deposit and withdrawal transactions on the platform. They also require users to pass a two-step verification process before being allowed to access their accounts, further safeguarding against unauthorized access.

Furthermore, Upbit has established solid user management and operational policies that support immediate response to serious security incidents such as hacking and phishing. They regularly provide user education and support service, enabling clients to better understand the risks and protocols involved in using cryptocurrency platforms.

In conclusion, phishing fraud poses a significant threat to the safety of users’ digital assets, and Upbit has been taking steps to prevent fraudulent activities and improve the safety of the platform. With a robust FDS, effective monitoring systems, and user education programs in place, Upbit has shown its commitment to providing a secure environment for its clients.

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Upbit Returns Over 2.5 Billion Won to 72 Victims of Phishing Fraud

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

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