Stakeholders tackle AI‑fueled fraud in Web3, digital channels

Bitget, a global cryptocurrency exchange, concluded its 2025 Anti‑Scam Month, an awareness and education campaign designed to fortify users against escalating Web3 fraud. Throughout June, Bitget rolled out its flagship Smarter Eyes Challenge, designed to be an engaging, comic-style mini-game simulating real-world scams such as phishing, social engineering and fake token approvals.

Only 8.6 percent of users caught all traps on their first try, but an impressive 65.4 percent succeeded after guided hints, demonstrating both the depth of the scam risk and the effectiveness of interactive education.

Complementing the game, Bitget published six in‑depth blog posts on SMS spoofing, bogus apps and high‑risk tokens. Over 80 percent of quiz-takers scored perfectly, underscoring marked improvements in scam detection capabilities.

Central to the campaign was the 2025 Anti‑Scam Research Report, conducted with blockchain security firms SlowMist and Elliptic. This study revealed global crypto scam losses of over $4.6 billion in 2024, with deepfakes, social engineering, synthetic-video job offers and fake Zoom calls emerging as top attack vectors.

The campaign also fostered cross-industry collaboration. An Anti‑Scam X Space panel featured representatives from Hacken, GoPlus, BlockSec and Security Alliance. Hacken co‑founder Yevheniia Broshevan praised Bitget's user‑centric model, stating, "Education truly is a vital part of this journey."

BlockSec CEO Yajin (Andy) Zhou highlighted the necessity of proactive defenses and intelligence‑sharing among platforms. From Security Alliance, Michael Lewellen stressed the importance of raising the bar high enough to make Web3 a less enticing target.

As part of its ongoing commitment, Bitget’s Anti‑Scam Hub now offers permanent, 24/7 resources, including safety guides, real-time scam indicators, verified channels, and global support, which CEO Gracy Chen called "the first line of defense."

Further industry efforts

While Bitget’s effort tackles Web3 threats head-on, similar initiatives are gaining traction across traditional finance and payments sectors. For example:

• Visa, managing some of the largest global card networks, launched a $12 billion, multi-year anti‑scam initiative. Its intelligence unit combs dark web and social media to uncover scam networks, disrupting over $350 million in attempted fraud in 2024, including takedowns of 12,000 scam websites impersonating dating services (source: hoganlovells.com+4ffnews.com+4arxiv.org+4axios.com).

• UK banks have recently been urged to bolster fraud defenses, especially against authorized-push payment (APP) scams involving international transfers. Although new reimbursement rules cut UK‑only APP scams by 20 percent, losses remain stubbornly high (£450 million in 2024), and cross-border scams have surged (source: theguardian.com).

• In India, the Reserve Bank's Digital Payments Intelligence Platform (DPIP) is being developed to aggregate real-time fraud data from multiple banks. Guided by RBI’s Innovation Hub, DPIP aims to use AI/ML to detect anomalous transactions, a response to rising digital payment frauds, now constituting over half of all banking fraud incidents (source: news.com.au+2coingeek.com+2linkedin.com+2).

• Insurance and cybersecurity firms are embracing collaboration. Chubb’s global survey revealed that nearly two-thirds of users or their contacts have suffered cyber-payment scams, significantly eroding trust. The report suggested integrating cyber‑insurance, education and layered security to rebuild confidence (source chubb.com).

• Blockchain security platforms like Chainalysis, SlowMist and Elliptic now offer AI‑powered scam detection and threat intelligence services, which Bitget leveraged in its initiative alongside others in Web3.

What it all means

The convergence of AI, cross-border payments and Web3 has empowered fraudsters using deepfakes and dynamic phishing campaigns. The response is a united front: exchanges, banks, payments enterprises, insurers, regulators and cybersecurity firms are sharing data, deploying AI‑enabled detection tools and amplifying user education.

Bitget’s interactive awareness model exemplifies how education, combined with technology and multi‑party collaboration, can shift users from passive to empowered. Visa’s intelligence-led takedowns show that private-sector action can rival law enforcement. Meanwhile, systemic safeguards in traditional finance like DPIP and reimbursement frameworks add broader consumer protection.

To truly curb fraud, experts agree, ongoing awareness, robust tools and open threat‑intelligence sharing are essential. Bitget’s Anti‑Scam Hub will remain active year‑round, a model that other industry players may soon follow.

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