At Binance, it is of utmost importance to ensure that our users are safe from potential threats. That’s why our risk AI team made up of data scientists and machine learning engineers come together to create AI-driven solutions to protect our users in real-time. By using the latest machine learning technology, our team can detect potential threats such as peer-to-peer (P2P) scams, stolen payment details, and account takeover attacks (ATO) and respond instantly. In this article, we’ll explore how our risk AI team uses real-time machine learning to monitor and prevent fraudulent activity in our system.
We prioritize the use of a streaming pipeline to ensure our fraud prevention models remain up-to-date. Here, data processing is further divided into three categories: stream computing, ingesting, and sinking. Stream computing enables us to process data instantly without waiting for a batch job to run and complete. In the case of detecting ATO attackers, for instance, the streaming pipeline is necessary to process the number of transactions a customer has made in the past minute and instantaneously raise the alarm if a hacker is detected. As opposed to batch pipelines, this system can reduce the risk of model staleness, a situation where machine learning models become outdated or inaccurate. In this way, we can ensure maximum protection for our users.
Moreover, the stream ingestion component is responsible for the near-real-time ingestion of features into our feature store from the machine learning platform Kafka. The stream sink component is mainly responsible for sinking real-time events into a specific destination choice based on project requirements, such as an HDFS like S3 or an external database like ElasticSearch. On the other hand, the data-serving component is responsible for online prediction and batch computing.
Thanks to this system, our risk AI team can remain alert and detect suspicious activity no matter day and time. This allows us to protect our users’ funds and data and keep our Binance ecosystem safe.
Binance was founded in 2017 and is the world’s largest cryptocurrency exchange, offering over 200 crypto trading pairs. It is committed to providing customer service and security to its users, and has invested heavily in risk-monitoring technology to deliver on its promise of trust and safety. It has also developed safety protocols, such as 2-Factor Authentication, multiple withdrawal permission settings, and other measures to help users protect their accounts.
The CEO and Co-Founder of Binance Changpeng Zhao, also known as CZ, became a leader in the blockchain industry with his genius system architecture, customer first attitude, and dedication to adoption of blockchain technology. CZ has been a highly sought after figure in the industry, formerly working with Blockchain.info, and is regularly interviewed by leading media outlets. His widely followed Twitter account allows him to engage with the global cryptocurrency community by promoting events and projects.
