Bybit's AI technology prevents over $79 million in client asset loss, detecting $940 million in fraud.

From Investing.com

September 20, 2024 08:30 AM:

Bybit, the world’s second-largest cryptocurrency exchange, utilized AI technology to protect users and funds, preventing the loss of over $79 million in client assets. With a focus on fund safety, Bybit strengthened verification processes and detected over $940 million in abnormal withdrawal requests, with 8.4% confirmed as attempted fraud.

As crypto adoption grows, Bybit serves as a defense against fraudsters with AI-driven security protocols. The exchange deploys AI technology to secure user wallet systems, detect fraud attempts, and offer multi-channel verifications and biometric authentication. Bybit’s risk engine recently thwarted a hack attempt using face-swapping technology in its KYC process.

Bybit’s AI technology and team of security experts streamline fraud detection with a risk control engine and user behavioral analytics models. By incorporating both automated and human scrutiny, Bybit reduces the risk of unauthorized access and withdrawals. This proactive approach ensures a safe trading environment for Bybit’s 40 million customers.

Bybit has upgraded its security measures to maintain a 10/10 trust score on CoinGecko. With multi-faceted security frameworks and heavily guarded vaults, Bybit ensures its users’ assets are protected from hacking attacks. Bybit aims to set new security standards for the industry and build lasting trust in the Web3 ecosystem.

Read more at Investing.com: Bybit’s AI Risk Engine Fortifies Hot and Cold Wallets, Screening $1 Billion in Withdrawals in First Half of 2024 By Chainwire