Paxful Boosts Trust with Security and User Education

Paxful, a global marketplace to securely trade Bitcoin, faced more than 220 thousand requests from web-bots, managing to protect its users with the help of tools provided by intelligence companies and hunting down digital threats. In this framework, the firm also highlighted the need to make users aware of the importance of security. Particularly, when operating cryptocurrencies and digital assets.

The field of cryptocurrency is not immune from opportunists with illicit intentions. The company claims that most cryptocurrency transactions are secure. Despite this, risk management is a priority for them to protect their clients. They have a dedicated team that focuses on risk assessment and security to keep their platform safe.

Paxful commits to ensuring the highest security in all its operations

Contrary to many misconceptions, Bitcoin is a traceable, and less anonymous asset than cash. It acts as the first decentralized digital currency. It is helping people manage their finances and attain more inclusive access to the global economy.

The company takes security very seriously. It uses tools to protect its users that have allowed it to combat more than 220,000 web-bot requests in just two months. Thus, protecting more than five million Paxful users against possible attacks. Dmitry Moiseev, Paxful’s Chief Security Officer, stated that the volume of the attacks underlines the fact that cryptocurrency companies remain a tempting target for cybercrime.

Web-bots mimic the behavior of a normal user, but their actions are automated by software. There are so-called malicious actors behind the software, known as the people who control the bot. These people develop a special database containing a username and password pairs to initiate the attack. The way they access the logins is quite easy. Mainly because many users use similar credentials for social media and other platforms. Login pairs are filtered twice until there is a match that allows them to break into the victim’s account and steal the funds. They typically aim to steal a customer’s money. They either try account taking, where the bot can trade on behalf of the user or transferring all existing funds to the cybercriminal’s account.

Paxful’s Team Speaks Out

Lana Schwartzman, Chief Compliance Officer at Paxful, spoke about the commitment placed on security. Paxful committed to ensuring the highest security in all its operations. For this, the company uses several tools that allow users to operate safely, knowing that their account and funds have full protection. Paxful has also been one of the first P2P crypto companies to implement a comprehensive anti-money laundering (AML) program, including ID verification and proof of address through its partnership with Jumio.