TRM Labs Partners with Swyftx to Combat Crypto Scams in Australia
TRM Labs, a blockchain analytics firm, has teamed up with Australian digital asset exchange Swyftx to incentivize virtual asset users in Australia to protect their accounts against fraudulent actors. This partnership aims to address the high number of scams recorded in the country this year.
Two-Factor Authentication as a Key Measure
As part of the collaboration, users will receive training on how to prevent scams and identify bad actors in the market. They will also be encouraged to activate two-factor authentication on their accounts. To incentivize participation, users who enable this security feature will receive AUD 10 worth of Bitcoin (BTC).
The use of two-factor authentication is a common security practice in the crypto industry that adds an extra layer of protection beyond passwords. This initiative emphasizes the importance of security while promoting investment in the market.
Swyftx plans to reward the first 2000 users who fulfill the requirements of the trial, including completing an education course developed in partnership with TRM Labs. The course aims to educate users about investment scams and how to spot them.
Fighting Scams Together
This trial will take place during Scam Awareness Week from November 27th to December 1st. Swyftx’s theme for the week is “Resist, Research, Report.” The Chief Operating Officer of Swyftx, Jason Titman, urges users to be cautious and report any suspected scams.
According to TRM Labs, over $9 billion has been sent to fraudulent actors during the same period when Australians lost $221 million to scams—a significant increase from last year. The Australian government is taking action against these scams and implementing measures to protect consumers.
Hot Take: TRM Labs and Swyftx Join Forces to Safeguard Crypto Users in Australia
The partnership between TRM Labs and Swyftx is a significant step towards combating crypto scams in Australia. By incentivizing users to strengthen their account security and educating them about potential scams, this collaboration aims to protect individuals from fraudulent actors. The use of two-factor authentication and the emphasis on scam awareness highlight the importance of security in the crypto industry.
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