South Korean cryptocurrency exchanges have successfully stopped romance scams and voice phishing criminals from siphoning digital assets worth over $82.6 million in the past year. The exchanges attribute their success in blocking criminals to abnormal transaction detection systems, which assist in flagging possible fraudulent transactions.
Romance Scams on the Rise
In 2023, South Korean cryptocurrency exchanges successfully stopped cybercriminals who targeted victims with romance scams and voice phishing from siphoning digital assets worth more than $82.6 million. The exchanges were reportedly able to achieve this by deploying the so-called abnormal transaction detection systems.
According to a report by one local media outlet, such a system enables the exchange to monitor and flag possible romance scams and other suspicious transactions. A typical romance scam often involves a criminal using a fake social media profile to lure a victim into an online romantic relationship. After gaini
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