Binance recently conducted a security survey among its Asia-based users, showing promising results. More than 80% of the users utilize two-factor authentication (2FA), and 73% verify their transfers.

According to the survey, enhancing user education is seen as the most effective approach to capitalize on the increasing interest in security. It was suggested that conducting simulated scam exercises initiated by exchanges could be a viable method to offer anti-fraud knowledge.

The survey aimed to evaluate the attitudes of users in the current landscape where crypto phishing scams are escalating. Despite the prevalence of technical security measures, recent instances, such as thieves using social engineering to pilfer $330 million in Bitcoin, highlight the importance of user vigilance in safeguarding their wallets.

While increasing the implementation of 2FA was deemed beneficial, there was a noticeable gap in the adoption of other crucial user-end security practices. This was largely attributed to a lack of awareness, prompting the need for more accessible and practical security education.

Binance's Chief Security Officer, Jimmy Su, stressed the importance of ongoing efforts to combat evolving fraudulent schemes, emphasizing the need to collaborate with regulators and law enforcement to enhance asset protection.

The survey revealed that a majority of Binance's Asian users find existing security guidelines too complex and are willing to engage in anti-scam training, particularly if it is interactive or offers incentives. There is also a growing expectation for exchanges to actively manage security, with users relying on CEXs to identify and prevent high-risk transactions promptly.

It was noted that user preferences varied across different regions within the Asian user sample, indicating the necessity for further expansive research to validate the security insights gathered. Nevertheless, the data obtained from Asian users could serve as a valuable resource in formulating effective anti-fraud strategies and educational materials for a global audience.