Binance recently conducted a survey of its Asia-based users on the topic of security, and the results were encouraging. Over 80% of these users employ 2FA, and 73% double-check their transfers.
The poll concluded that user education is the most effective way to take advantage of growing security enthusiasm. Exchange-led scam simulations may be a potential solution to make anti-fraud knowledge accessible.
Binance’s Security Survey
Crypto phishing scams are on the rise right now, and technical security solutions aren’t always enough. For example, hackers recently used social engineering tactics to steal $330 million in Bitcoin, bypassing regular safeguards.
In this environment, users need to take charge of their own wallets’ security, and Binance’s survey assessed their current attitudes.
Binance was very clear that increasing 2FA (two-factor authentication) usage is unambiguously good. Still, there are a few key holes in the community’s preferences.
Most of the other important user-end security practices have very low rates of adoption, which Binance blames on insufficient awareness. It described a few measures to foster security education:
“As the industry evolves, so do the tactics of bad actors. We’re investing heavily in localized anti-scam education that is practical, accessible, and tailored to users’ real needs. We’re also working closely with regulators and law enforcement… to better protect user assets,” claimed Jimmy Su, Binance’s Chief Security Officer.
This education question touches on several different topics. For one thing, most of Binance’s Asian users claimed that existing security guides are “too technical and difficult to understand.”
However, they’re ready to learn. Over 60% said they would participate in anti-scam simulations, especially if this was gamified or paired with rewards.
The survey also noted a key data point in an age-old debate: whether or not to self-custody assets. Binance reported that its users have a growing expectation that exchanges actively manage security.
Meanwhile, 62.5% believe that CEXs are responsible for intercepting high-risk transactions in real time, and more than half would “immediately” contact an exchange over scam attempts.
Still, as with the firm’s previous surveys, it’s important to remember the participants’ demographics. Binance only questioned Asian users on their security preferences, and it identified regional variations even within this sample. For example, depending on the respondent’s location, they may give four different answers to the question, “What platform spreads the most scams?”
In other words, Binance or other firms may need to conduct follow-up polls over a wider net to corroborate this security data. In this isolated form, though, the Asian user data is still very useful.
Hopefully, it can help craft beneficial anti-fraud policy and educational resources for a global audience.
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