Cryptocurrency exchange Bitget has announced a new social project in Vietnam aimed at educating the public on secure cryptocurrency usage and fraud prevention. The initiative will use engaging posters and banners displayed in public areas like bus stops, subways, and street billboards to provide tips on detecting and avoiding crypto scams.
Raising Awareness About Crypto Scams
According to a report by payment platform Triple-A, approximately 21.2% of the Vietnamese population owns cryptocurrencies, ranking second globally after the UAE at 34.4%. However, awareness about the risks associated with digital assets remains low, leading to a surge in financial losses due to fraud, particularly among vulnerable groups. In 2023 alone, cryptocurrency-related investment frauds resulted in about $3.94 billion in losses, marking a significant 53% increase from the previous year.
Targeting Vulnerable Populations
Data indicates that most victims of investment scams are over 30 years old, with a notable number of complaints coming from individuals over 60. This demographic is particularly vulnerable due to limited access to timely and clear information. As the third most populous country in Southeast Asia, Vietnam faces similar challenges to other countries in the region regarding digital asset extortion.
Regional Trends and Impact
A 2023 report by the UN Human Rights Office highlights that Southeast Asia is plagued with crypto-related romance-investment scams, fraud, and illegal gambling. The COVID-19 pandemic and associated response measures had a drastic impact on illicit activities across the region, with many victims suffering multiple layers of exploitation.
Effective Social Advertising
Gracy Chen, CEO of Bitget, emphasized the importance of social advertising in addressing these issues: “Along with the advancement of technologies, the cryptocurrency market has faced several urgent issues that have tested many aspects of social, economic, and cultural life. One of the key tools for engaging with the public and raising awareness, including among vulnerable groups, is social advertising. This format has shown high effectiveness worldwide, for instance, during the COVID-19 pandemic, where banners became a central element in informing citizens about the importance of precautionary measures.”
Bitget’s educational campaign in Vietnam aims to bridge the knowledge gap and reduce financial losses due to crypto scams by providing the public with crucial 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 placements of educational materials. This approach not only aims to inform but also to empower individuals to make safer investment decisions.
The Role of Public Spaces in Education
By leveraging high-traffic public spaces for their educational campaign, Bitget intends to reach a broad audience, including those who may not be actively seeking information about cryptocurrency safety. This mETHod ensures that critical information is disseminated widely and effectively.
Global and Local Context
The increasing popularity of cryptocurrencies in Vietnam, coupled with a lack of adequate awareness about associated risks, underscores the importance of Bitget’s campaign. The initiative aligns with global efforts to enhance digital literacy and protect individuals from financial fraud, particularly in regions with high adoption rates and significant vulnerabilities.
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