In 2023 alone, such scams amounted to a staggering $3.94 billion, a 53% increase from the previous year. Furthermore, data suggests that older demographics are particularly susceptible.

Investment scams primarily target individuals over 30, with a notable rise in complaints from those over 60. This vulnerability stems from limited access to clear and timely information.

Bitget’s campaign aims to bridge this gap by providing the Vietnamese public with clear and reliable advice on common crypto scams like social engineering, romance scams, phishing, and investment fraud.

The project is backed by leading anti-fraud experts, law enforcement agencies, and relevant sectors like technology, banking, and telecommunications.

“Social advertising has proven highly effective in raising public awareness,” says Bitget CEO Gracy Chen.

“This campaign will utilize engaging and understandable posters and banners displayed in public spaces like bus stops,subways, and street billboards.”

Beyond the social campaign, Bitget Research released a report highlighting the alarming potential of deepfakes in crypto scams.

Their findings suggest deep fakes could be responsible for 70% of all crypto scams by 2024, translating to potential losses exceeding $25 billion.

Bitget views this Vietnam campaign as a springboard for similar initiatives in other major cities worldwide.

The exchange hopes to analyze the effectiveness of such tools and ultimately improve global financial literacy and public awareness surrounding cryptocurrency.