In the latter half of 2024, global crypto platforms experienced a surge in traffic alongside growing institutional adoption. An estimated 10.2% of the global population is involved in cryptocurrency, leading to increased incidences of fraud. In 2024, approximately one in 100 digital platform users were affected by fraud, potentially impacting around 8 million crypto owners. With the uptick in new users, many lack essential education, making them more susceptible to scams. Verification processes have improved with automation and AI reducing onboarding times by 46%, but pass rates remain a concern. Fraud detection innovations, including biometric checks, have improved onboarding success rates, yet over 70% of fraud occurs post-onboarding. Current verification practices must evolve beyond initial checks to include ongoing monitoring and risk management. As regulatory clarity improves, especially in the US, companies are encouraged to adopt more complex verification methods. Investing in robust anti-fraud strategies will be critical for success in navigating the evolving landscape of cryptocurrency adoption and fraud prevention.

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