Binance, a major crypto exchange, has prevented $2.4 billion in potential losses from fraud since January. The company announced this on Tuesday. It cited its risk management as key to protecting over 1 million users from scams.

The exchange stopped suspected fraud-related funds from leaving the platform. This protected 1.2 million users globally from January to July. Binance uses a "powerful risk engine" for this task.

The system combines AI and manual reviews. It monitors all transactions in real-time. This allows quick detection of suspicious activity across Binance's services.

"We can spot fishy transactions fast," a Binance spokesperson said. The system covers all areas, including P2P trading and crypto withdrawals.

The flagging process targets the withdrawal stage. That's when "criminals try to sneak victims' funds past our security," the company explained.

Withdrawals linked to suspected scams made up 45% of prevented losses. That's over $1.1 billion this year alone.

Rohit Wad, Binance's CTO, boasted about their tech. "We've built killer tools to protect our users 24/7," he said. The exchange uses various measures across eight risk levels.

By July 31, Binance had recovered or frozen over $73 million in stolen funds. This surpasses the $55 million secured in all of 2023. Recovered funds are up 40% in just seven months.

The exchange has also helped users recover lost assets. About 80% of these were from external hacks and theft.

Wad urged investors to stay sharp. "Users play the biggest role in keeping their assets safe," he said. He advised staying informed and using strong security practices.