Cryptocurrency exchange Bitget has announced a new social project in Vietnam aimed at educating the public about safe cryptocurrency usage and fraud prevention. The initiative uses attractive posters and banners displayed in public places such as bus stops, subways, and street billboards to provide ways to detect and prevent cryptocurrency fraud.
Raising awareness of cryptocurrency scams
According to a report by payment platform Triple-A, about 21.2% of Vietnam’s population owns cryptocurrency, ranking second in the world after the UAE at 34.4%. However, awareness of the risks associated with digital assets remains low, leading to a surge in financial losses due to fraud, especially among vulnerable groups. In 2023 alone, approximately $3.94 billion was lost due to cryptocurrency-related investment fraud, a 53% increase compared to the previous year.
Targeting vulnerable populations
Data shows that the majority of investment fraud victims are over the age of 30, with a significant number of complaints coming from individuals over the age of 60. This demographic is particularly vulnerable due to limited access to timely and clear information. Vietnam, the third most populous country in Southeast Asia, faces similar challenges to other countries in the region when it comes to digital asset theft.
Regional Trends and Impacts
The UN Human Rights Office’s 2023 report highlights that Southeast Asia is suffering from cryptocurrency-related romance scams, fraud, and illegal gambling. The COVID-19 pandemic and related response measures have had a devastating impact on illicit activity across the region, with many victims experiencing multiple layers of exploitation.
Effective Social Advertising
Gracy Chen, CEO of Bitget, emphasized the importance of social advertising in solving these problems. “With technological advancements, the cryptocurrency market faces several pressing challenges that test many aspects of social, economic and cultural life. One of the main tools for communicating and raising awareness with the public, including vulnerable groups, is social advertising. This format has shown high effectiveness globally, for example during the COVID-19 pandemic, and the banner has become a key element in informing citizens about the importance of preventive measures.”
Bitget’s education campaign in Vietnam aims to fill the knowledge gap and reduce financial losses from cryptocurrency fraud by providing the public with important information in an accessible format.
Bitget’s Comprehensive Approach
Bitget’s initiative is part of a broader effort to promote safe cryptocurrency practices and protect users from fraud. The campaign will focus on providing practical advice and raising awareness through strategic placement of educational materials. This approach aims to not only provide information but also empower individuals to make safer investment decisions.
The role of public spaces in education
Bitget aims to reach a wide audience, including those who may not be actively seeking information about cryptocurrency security, by leveraging high-traffic public spaces for educational campaigns. This method allows important information to be disseminated widely and effectively.
Global and local context
The growing popularity of cryptocurrencies in Vietnam and the lack of proper awareness of the risks involved make the Bitget campaign even more important. This initiative is consistent with global efforts to improve digital literacy and protect individuals from financial fraud, especially in regions of high adoption and high vulnerability.
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