Blockchain analytics firm TRM Labs is teaming up with Australian digital asset exchange Swyftx in a pioneering initiative to incentivize users to bolster the security of their virtual asset accounts. In a groundbreaking trial, users will be rewarded with 10 Australian dollars worth of Bitcoin (BTC) for implementing two-factor authentication on their accounts. This move comes in response to a surge in cryptocurrency scams in Australia, with TRM Labs and Swyftx aiming to educate users on recognizing and preventing fraudulent activities.
The partnership emphasizes a proactive approach to security, encouraging users to undergo training to identify potential scams and enhance security features on their accounts. Two-factor authentication, a widely adopted security measure in the crypto industry, adds an extra layer of protection beyond traditional passwords. Swyftx plans to reward the first 2000 users who fulfill the trial requirements, including completing an educational course developed in collaboration with TRM Labs.
The educational course, integrated into Swyftx’s learning platform, aims to enlighten users about the patterns of bad actors involved in investment scams. Users will also have the opportunity to report suspected scams to TRM Labs’ scam reporting subsidiary, chainabuse.com, providing a public forum for flagging illegal activity and verifying potential credibility before engaging with networks.
The trial, spanning one week, coincides with Scam Awareness Week from November 27 to December 1, aligning with Swyftx’s theme of “Resist, Research, Report.” Jason Titman, the Chief Operating Officer of Swyftx, encourages users to be vigilant, resist impulsive transactions, conduct thorough research on potential scams, and report suspected fraudulent activities to Chainabuse.
TRM Labs recently identified over $9 billion sent to fraudulent actors, highlighting the urgency of addressing scams. Australians have reportedly lost $221 million to scams, reflecting a significant 162% increase from 2021. The Australian government has intensified efforts to combat industry-related scams, taking legal actions against certain companies. Some institutions have also restricted cryptocurrency payments due to concerns about potential exposure to fraud.
