Upbit Refunds $5 Million to Voice Phishing Victims, Enhances Fraud Prevention Efforts

Dunamu, the company behind the cryptocurrency exchange Upbit, has refunded approximately $5 million to 246 victims of voice phishing scams spanning from 2017 to 2022. This was made possible through a memorandum of understanding with the Seoul Metropolitan Police Department’s Phishing Crime Investigation Division, established in September of the previous year. Upbit utilized its Fraud Detection System (FDS) to prevent fraudulent transactions, including voice phishing, and froze the damages. Working with the National Police Agency, they successfully located victims and returned the money, even assisting those who hadn’t reported their losses. Upbit pledges to continue efforts to prevent voice phishing and assist victims. Additionally, Upbit employs AI-powered FDS to monitor abnormal transactions in real-time, having protected user assets totaling KRW 120 billion to date.

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