Crypto Exchange Swyftx Taps TRM Labs to Combat Scams

Rampant crypto scams in Australia prompt Swyftx exchange and TRM Labs to test a proactive solution with users.

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  • Crypto exchange Swyftx and TRM Labs have launched a new program.
  • The program seeks to onboard users into the fight against crypto scams.
  • Users will be rewarded for participating in the program.

Australian crypto exchange Swyftx has partnered with blockchain analytics firm TRM Labs to protect digital asset users against fraudsters.

In an update on November 27, TRM Labs announced that the two companies have launched a pilot program to incentivize Australian crypto users to take proactive steps against scammers through training and by enabling stronger security features to protect their accounts.

Incentivizing Users to Curb Crypto Scams

Per the announcement, Swyftx is paying a reward of AUD $10 worth of Bitcoin to an initial 2,000 customers who activate two-factor authentication on their crypto accounts and enroll for a short course that has been co-created with TRM labs.

Offered via the exchange’s Learn platform, the course covers a range of crypto-enabled investment scams and aims to educate customers about how to avoid the scams.

Swyftx chief operating officer Jason Titman lauded the program, noting that crypto exchanges are the last line of defense in combating sophisticated scams that begin on social media before making their way to the digital assets space through the banking system.

Security is today the number one concern of global crypto users and the industry needs to understand that trust is integral to future adoption of blockchain technology,” Titman stated, adding, “We are the last line of defense and everyone has a part to play in creating a more secure environment.

The launch of the trial program coincides with Scam Awareness Week, which is part of Swyftx’s national campaign to encourage crypto users in Australia to “Resist, Research, and Report” scams that have plagued the country.

Rampant Crypto Scams in Australia

The latest Australian government data insights indicate that crypto losses from scams increased 90.2% to AUD $160.6 million in 2022.

In the announcement, Titman noted that Swyftx’s robust security controls have already stopped around AUD $3 million of customer funds from flowing to customers in 2023.

Read how the collapse of FTX affected Swyftx’s business operations:
Crypto Exchange Swyftx Dismisses 40% of its Workforce Amidst Poor Market Conditions

Stay updated on Australia’s licensing regime for crypto exchanges:
Australia Outlines New Licensing Regime for Crypto Exchanges

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.