KuCoin Announces New Anti-Fraud Tools

Summary:
• KuCoin has announced a raft of measures aiming to enhance its platform security in the face of an increase in crypto-related theft.

KuCoin exchange has introduced anti-fraud features to give users better protection against online scams. The new anti-fraud services are designed to safeguard customers’ and enterprises’ assets and provide them with a full suite of safeguards to make any operation on the exchange’s platforms more reliable and productive. The new anti-fraud suite is available with immediate effect.

What’s in the new security package?

One of the new safeguards is a more refined anti-phishing verification system designed to stop phishing attacks. Phishing is a type of online fraud in which the perpetrator poses as a trustworthy entity in order to trick users into handing over their personal information.

Business wallet address confirmation is the second tool added by the company. This function enables the Official Media and Wallet Verification Portal to validate KuCoin business wallet addresses. With KuCoin’s official wallet address verification, a fraudster who pretends to be a KuCoin employee will be caught on their tracks and prevented from accessing any funds from a customer.

Any message purporting to come from KuCoin can be verified via the Official Media and Wallet Verification Portal using the official contract verification tool. Also, in the event that a user has reason to doubt the veracity of a person claiming to be from KuCoin, they can check the legitimacy of the company’s channels of contact using the same hub.

“With the launch of the new anti-fraud suite, we will provide a comprehensive set of measures to help users and businesses to verify before taking any action, which could protect users’ assets,” said Johnny Lyu, CEO of KuCoin.

When enabled, an 8-digit number generated by the company will be used to encrypt all communications between KuCoin users and the company. This will be done as part of the listing application procedure to ensure the application’s legitimacy. The company says that the KuCoin official corporate wallet addresses using the ETH-ERC20, BSC-BEP, TRX-TRC20 and SOL-SPL standards are the only ones that can be verified via the verification portal.