Cyber Frauds Statistics and How to Ensure the Security of the Crypto Exchange
Network security remains one of the costlier and most damaging risks to financial operators worldwide. The amount of cyber frauds is rapidly growing while the industry is searching for new ways of preventing them. With billions of dollars lost and many exchanges toppled, hacking and other cyber-attacks remain at the forefront of concerns for crypto exchanges.
The Cyber Frauds Statistics
We shall take into consideration the fact that blockchain technology is much safer when making money transactions. On a par with EMV chips, which are introduced by the bank institutions to protect their clients, the blockchain technology offered its distributed ledger, permanent records and need for consensus across nodes for transactions to be completed; they entirely bypassed credit card security threats.
With rising instances of fraud, making money transactions safe and easily accessible is becoming a challenge. However, the masses prefer to use credit cards to make payments, staying away from using blockchain technology due to their lack of knowledge in this area.
Security Risks
Advanced security features and non-stop research of the blockchain technologies are required to prevent the rapid growth of cybercrimes. Cybercrime damages are predicted to cost the world $6 trillion annually by 2021, compared to $3 trillion in 2015.
For instance, digital ad frauds become more and more frequent causing enormous loss to companies worldwide. One report found that advertisers lost an estimated amount of $19 billion to fraudulent activities last year, equivalent to $51 million per day. These statistics do not sound promising on a par with PWC’s report that shows that less than half of companies globally are appropriately prepared for a cybersecurity attack.
It becomes obvious that ensuring clients` security should not become the marketing point of the exchange; on the contrary, it must be considered a vital part of its development.
Preventing the Possible Frauds
There are many exchanges, which do not search for ways to become regulated. A number of them initiate fake ICOs and IEOs. Please keep this in mind when choosing your future crypto exchange.
Once you are sure your exchange has nothing related to the above mentioned, carefully read its whitepaper and make sure it contains the following information:
· future milestones
· strong advisory board
· solid technical development backing
· security audit conducted by proper institutions
· regulatory license
One of its kind, the exchange that can offer required security together with a gathered team of experienced professionals under one roof, is the IronX Exchange.
Register at www.ironx.com, proceed with your KYC and receive 10 free IRX.
