Security, Fraud and Risk Management Talk at Blockchain Space, Manila

We had our first ever event in Manila, Philippines last month on 29th October at BlockchainSpace, a space for meetups, hackathons and specialized blockchain and crypto industry forums in the heart of the Manila central business district.

The SnapEx-sponsored event titled “Diligence and Intelligence: Security, Fraud and Risk Management” was held to address growing concerns about security threats, rampant fraud, and investment risk in the rapidly evolving blockchain enabled economy.

The event featured speakers from Allied Strategic Advisors, LoyalCoin, and our own representative from SnapEx. Kicking off the talk was Colton Moffitt, an advisor for Allied Strategic Advisors, who spoke about the downsides of established systems and how human nature gets in the way of making rational decisions when involving money.

Among retail crypto investors and traders, it is irrational decisions that allow people to be susceptible targets by malicious parties that may notice vulnerabilities in the security of the systems or platforms that they use. “When you’re getting getting tortured by a power drill in front of you… you would want to have options (on how to defend yourself),” said Colton.

For businesses operating in the crypto space, on the other hand, there is a pressing need to operate legitimately by identifying the right type of license to pursue and apply for the business. Franco Dagelet, Management Engineer for LoyalCoin, stressed on this point while expounding on the importance of crypto business licensing.

Though operating legitimately through a proper business license is important, it’s also crucial to safeguard the integrity of your business systems and security. Franco went on to highlight common internal and external vulnerabilities and security threats and how to potentially avoid them. One of the examples given was to fully utilise VPNs, firewalls and Cloudflare to ward off DDoS attacks.

To close the event, Amelia Chan, the Head of Business Development of SnapEx, gave the crowd a brief background of the company and its rapid growth in this past 1 year, as well as an introduction to Contract Trading, a type of financial instrument that allows you to venture into the market without having to take ownership of the underlying assets like cryptocurrencies, forex, shares, commodities or indices.

With the rise of technology and rapidly growing emerging markets, we continue to become more exposed to the risks of cybersecurity, theft, corruption, and even our own privacy. Forums like these are needed to remind each other to be vigilant and responsible in educating ourselves to mitigate risks whether as retail or business crypto participants in this brave new industry.