According to Paxful, security and user education are key to boosting confidence in cryptosystems

The Paxful platform revealed to Cointelegraph en Español that, in the last two months, it faced more than 220 thousand requests for web-bots

Within the framework of Cyber Security Month, the Paxful platform revealed to Cointelegraph en Español that, in the last two months, it faced more than 220,000 requests for web-bots, managing to protect its users with the help of tools provided by intelligence and digital threat-hunting companies. Within this framework, the firm also highlighted the need to make users aware of the importance of security when operating with crypto-currencies and digital assets.

In addition, Paxful highlighted the growth of interest in the platform in Argentina: „Users in Argentina have been registering a growing performance in the purchase and sale of Bitcoin on the Paxful platform, due to a 34% monthly increase in operations. This incessant increase in operations is also accompanied by an increase in registrations within the platform, with an average 47% increase in the opening of new Argentine user accounts within Paxful, which has generated a 1087% increase in new users on the platform from January to September 2020“.

While the demand for crypto currencies in Argentina continues to grow by leaps and bounds, a recent report by Paxful detailed that illegal activity of crypto currencies represented only 0.01% of total transactions on the platform.

The crypto-currency sphere is not immune to opportunists with illicit intentions. „In our experience, most transactions with crypto currencies are secure. Despite this, risk management is a priority for us to protect our clients and we have a dedicated team that focuses on risk assessment and security to keep our platform safe,“ explained Magdiela Rivas, Paxful’s Latin America Manager.

Investment to protect users

Contrary to many misconceptions, Bitcoin Union is a traceable, traceable and less anonymous asset than cash. Conceived as the first decentralised digital currency, this crypto currency is helping people manage their own finances and access the global economy in a more inclusive way.

„The company takes security very seriously and uses tools to protect its users that have enabled it to combat more than 220,000 web-bots requests in just two months, protecting more than five million Paxful users against possible attacks. The volume of attacks highlights the fact that crypto companies continue to be a tempting target for cyber crime,“ said Dmitry Moiseev, Paxful’s Security Director, who leads the team that develops and implements relevant controls to keep the platform secure.

Moiseev added: „Web-bots mimic normal user behaviour, but their actions are automated by software. Behind the software are the so-called ‚malicious actors‘, i.e. the people who control the bot. These people develop a special database containing pairs of user names and passwords to initiate the attack. The way they access the logins is quite easy because many users use similar credentials for social networks and other platforms. The login pairs are filtered twice until there is a match that allows them to penetrate the victim’s account and steal the funds. They are typically aimed at stealing customers‘ money either through account taking, so the bot can trade on the user’s behalf or simply transfer all existing funds to the cybercriminals‘ account.

Lana Schwartzman, Head of Compliance at Paxful, spoke about the commitment to security: „Paxful is committed to ensuring the highest security in all its operations. To this end we use a number of tools that allow users to trade safely, knowing that their account and funds are fully protected, such as Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor which detect suspicious activity. Paxful has also been one of the first P2P encryption companies to implement a comprehensive anti-money laundering (AML) programme that includes identification verification and proof of address through its partnership with Jumio.

About Paxful

Paxful is an online marketplace for buying and selling bitcoin between people with over 300 payment methods.

The company, which was founded in 2015 by Ray Youssef and Artur Schaback, has over 4.5 million users worldwide who can buy and sell bitcoin.

Paxful’s mission is to empower the 4 billion unbanked people around the world to take control of their money through peer-to-peer transactions.