Last updated on November 19th, 2023 at 11:23 am
The reputation of the cryptocurrency market is influenced by many different factors. One of the most significant factors is investment fraud. In simple terms, this type of fraud involves people conducting illegal transactions within the cryptocurrency network.
If you think about it, fraud in this field is quite common, so it’s important not to forget about cyber hygiene. Additionally, many projects aim to safeguard users, and one such good example is Scamfari, which has established itself as a security-oriented platform.
What attracts scammers to cryptocurrency transactions?
Perhaps scammers are drawn to the anonymity and the inability to trace transactions, making it an ideal environment for fraud, exploits, and phishing traps.
About Scamfari
Scamfari is a platform that is part of the HAPI Foundation, a leading company in the field of cybersecurity and cryptocurrency security.
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Mission of Scamfari:
To make blockchain more secure and reliable by increasing user awareness and knowledge in the face of potential cryptocurrency fraud.
Purpose of the platform:
Scamfari fights against the threat of fraud and aims to create a safe blockchain ecosystem. The project is designed to collect information about scammers, phishing websites, and fraudulent blockchain projects. Scamfari intends to reward community members for their assistance and efforts in providing security.
Using Scamfari
Scamfari uses authoritative data sources and advanced real-time access tools to ensure the accuracy of the information provided. Scamfari is designed with blockchain in mind, offering transparency in reporting and rewards by moving the entire operation onto the network.
The project is a strong supporter of Web3 technology and actively upholds its principles. Using Scamfari is simple and convenient. Users can report fraudulent or malicious projects through the website.
The steps for reporting fraud or a malicious project are as follows:
1. Connect your wallet and create an alias that will be displayed in the top list of active users.
2. Choose a category from the options provided (Social Media Scammer, Fraudulent Website, or Fraudulent Project/Rugpull) and submit a report with supporting evidence.
3. After verification, users receive rewards for their contributions.
Scamfari: How Data is Verified and Validated, Objectivity is Difficult but Possible!
The verification and validation process for Scamfari involves a multi-stage process that includes the use of external advanced data providers, certified anti-money laundering (AML) specialists, and a combination of external and internal software, including the HAPI Terminal tool.
The goal of the HAPI Terminal:
To ensure the accuracy, authenticity, and reliability of fraudulent data provided by users and prevent rewards for false or fraudulent reports.
🔒 Introducing $SCM: Empowering Scam Prevention Through Rewards! 🔍👇 pic.twitter.com/3gh8svamcH
— Scamfari (@scamfari) August 16, 2023
Related Reading: How to Recover My Stolen Cryptocurrency
How is data verified?
1. To verify incoming Scamfari reports, the platform collaborates with external data providers specializing in the collection and analysis of fraud-related data. These data providers may include sources that track fraud and cybercriminal activity. The data from these providers is compared to the reports submitted by users to verify consistency and accuracy.
2. To detect potential money laundering or fraudulent activities related to reported frauds, Scamfari engages with anti-money laundering specialists. Additionally, the project collaborates with online investigators working within the network to further enhance the accuracy of the provided data.
3. Scamfari incentivizes users to provide accurate and truthful reports by rewarding them. Investigators thoroughly analyze the details presented in the reports, cross-reference them with information from external data providers, and verify their legality before accepting or rejecting them.
4. The verification process involves a combination of internal and external software tools.
– Internal software may include data processing algorithms and tools developed to aid in the verification process.
– External software, such as the HAPI Terminal, a patented tool, can be used to access data from various sources, analyze patterns, and ensure data accuracy.
5. The HAPI protocol for further processing: After data verification and validation, it is further processed using the HAPI protocol. The HAPI protocol can provide additional levels of analysis, categorization, and organization of data to provide a comprehensive view of fraud-related activities.
6. Continuous monitoring and improvement: Scamfari constantly monitors the effectiveness of its data verification procedures and improves them based on feedback, new fraud trends, and technological advancements. Risk assessments and categories are continually reviewed and revised to adapt to changes.
About ScamFari Token ($SCM)
Token Economics ScamFari ($SCM)
Today, the price of ScamFari ($SCM) is $0.011, with a 24-hour trading volume of $23,047. ScamFari Token ($SCM) is already available on WhiteBIT(CEX), as reported by the exchange in one of their own blogs.
You might find it interesting to know
Scamfari’s voting on WhiteBIT Launchpad concluded in just 8 minutes. A total of 1749 users participated in the Launchpad.
Additionally, ScamFari Token ($SCM) can be traded on the Uniswap V3(DEX). In the last 24 hours, the most active trading pair (SCM/WETH) on this exchange had a trading volume of $23,047.
Read more in the Scamfari whitepaper.
Conclusion
Scamfari has presented itself as a brand-new project that aims to not only combat cybercrime and fraud by hiring anti-money laundering specialists, conducting investigations, and utilizing both external and internal software but also strives to ensure the accuracy and reliability of fraud data provided by users. It offers users valuable information and useful tools for protection while effectively fighting fraud.
Check this out: Investigating The FUD Around WhiteBIT: The Truth
Disclaimer
The views expressed in this article are strictly for educational purposes and should not be taken as financial advice. Please do your own research or consult a financial expert before taking any action. 36crypto will not be liable for any loss incurred from interacting with this project.
Deniz Tutku
Deniz Tutku is a digital journalist with a background in copywriting. A longtime cryptocurrency enthusiast, she has been following the industry closely for many years. Having moved on from her early career, Deniz now writes extensively about various events and developments in the cryptocurrency world, providing her audience with in-depth and informed views on the field.