Cybersecurity: Security awareness to boost trade in digital money

By Providence Emmanuel

Cyber crime has witnessed a jump in the last two decades, moving in pari-passu with digitization of all sectors of human endeavour.

A recent report says Nigeria ranked one of the top 10 countries in the global crypto adoption index alongside two other African countries; Kenya and South Africa.

With the increase in the adoption of crypto currencies, however, security has become a main concern for many, though, illicit crypto currency activity accounted for just two percent of Africa’s impressive yearly trading volume, with nearly $16 billion traded from July 2019 to June 2020.

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To mark the 2020 Cyber security Awareness Month, themed, ‘Do Your Part #BeCyberSmart’, Paxful, a peer-to-ppeer, P2P, crypto currency marketplace, is highlighting the importance of security awareness amongst users when trading in digital currency.

Co-founder/ CEO of Paxful, Mr. Ray Youssef, said that the crypto-sector has come a long way to protect consumers, while continuously developing processes to advance adoption, explaining that what has played an integral role in the emergence of the crypto-economy is the human layer, the peer-to-peer finance powered by people.

He said that the crypto currency sphere is not immune to opportunists with illicit intent, adding that the company is taking no chances in protecting its customers against scammers.

Youssef stated: “In our experience, the majority of crypto currency transactions are safe. Despite this, risk management is top-of-mind for us, and to protect our customers, we have a dedicated team that focuses on risk assessment and security to keep our platform safe at all times

“Like with any other type of investment, there are certain risks involved and as crypto-market players, we have a responsibility to work with users to increase awareness about all the risks that come with trading crypto,” he said

Also, Chief Information Security Officer at Paxful, Mr. Dmitry Moiseev, said that the company takes security seriously and utilizes tools such as the cyber security solution from the global threat hunting and intelligence company, Group-IB that helps prevent online fraud targeting the platform.

Moiseev who is also, heads of the company’s global information security team who continuously develops and implements relevant controls to keep Paxful’s platform secure.

In the same vein, Chief Compliance Officer, Paxful, Lana Schwartzman, said that the company regularly invests in various partnerships and has blockchain analysis giant Chainalysis monitoring platform transactions around the clock.

She stated: “The tools that Paxful uses include: Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor that detect and investigate suspicious activity.”

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