Cybersecurity is of utmost importance in this digitalized era and also given that cybercrime has been on the high side in the last two decades. The increase in cyber crimes grows along with the rise of digitization of all sectors of human endeavour in Africa.

A recent report says Nigeria ranked one of the top 10 countries in the global crypto adoption index alongside two other African countries; Kenya and South Africa.

With the increase in the adoption of crypto currencies, however, cybersecurity has become a main concern for many, though, illicit crypto currency activity accounted for just two percent of Africa’s impressive yearly trading volume, with nearly $16 billion traded from July 2019 to June 2020.

To mark the 2020 Cybersecurity Awareness Month, themed, ‘Do Your Part #BeCyberSmart’, Paxful, a peer-to-ppeer, P2P, crypto currency marketplace, is highlighting the importance of security awareness amongst users when trading in digital currency.

Co-founder/ CEO of Paxful, Mr. Ray Youssef, said that the crypto-sector has come a long way to protect consumers, while continuously developing processes to advance adoption, explaining that what has played an integral role in the emergence of the crypto-economy is the human layer, the peer-to-peer finance powered by people.

He said that the crypto currency sphere is not immune to opportunists with illicit intent, adding that the company is taking no chances in protecting its customers against scammers.

Youssef stated: “In our experience, the majority of crypto currency transactions are safe. Despite this, risk management is top-of-mind for us, and to protect our customers, we have a dedicated team that focuses on risk assessment and cybersecurity to keep our platform safe at all times

“Like with any other type of investment, there are certain risks involved and as crypto-market players, we have a responsibility to work with users to increase awareness about all the risks that come with trading crypto,” he said

Also, Chief Information Security Officer at Paxful, Mr. Dmitry Moiseev, said that the company takes security seriously and utilizes tools such as the cybersecurity solution from the global threat hunting and intelligence company, Group-IB that helps prevent online fraud targeting the platform.

Moiseev who is also, heads of the company’s global information security team who continuously develops and implements relevant controls to keep Paxful’s platform secure.

In the same vein, Chief Compliance Officer, Paxful, Lana Schwartzman, said that the company regularly invests in various partnerships and has blockchain analysis giant Chainalysis monitoring platform transactions around the clock.

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