Banks and payments firms are always adding more controls to their services either in the face of consumer losses or due to increasing regulatory requests and expectations. We’ve even seen wholesale bans on payments to crypto firms from some banks in the UK.

  

Proliferation of controls is also increasing across platforms, apps, and Web3, as it is a key weapon to help protect consumers and disrupt financial cyber criminals. 

  

This is because fighting fraud and scams requires a multi-layered approach – there are no silver bullets. By laying controls, which includes customer education, we are more likely to stop frauds and also reduce the impact on genuine customers. 

Recently Coinbase has added a number of extra controls which can be summarised as: 

  

• A transaction preview that provides information on what their balances will look like post the transaction to improve transparency and spot some scams. 
• Alerts when decentralised apps are requesting approval to make withdrawals to highlight potential frauds. 
• Permissions management to help add controls.   
• Checking against known high risk or fraudulent wallet addresses and URLs. 

CYBERA can provide tremendous value here as we span both fiat and crypto, we can add value across the board, including the on and off ramps to crypto. 

  

CYBERA WATCHLIST™ is complementary to crypto intelligence services. Our data is unique as it is obtained direct from victims reporting via CYBERA CYBERCRIME VSR™*.  

Having a clear list of ‘known bad’ wallet addresses and the additional persona data that is off-chain, this adds value when paired with on-chain intelligence and with linked fiat accounts.  

  

Areas of value include:  

• ‘Known bad’ lists:  
• Assist in model development  

• Lower false positives  
• Act as seeds to network analysis and further investigations  
• Off-chain data can highlight bad wallets  
• Increase in overall intelligence dataset over transactional data  
• Off-chain data can provide a direct link to fiat at on and off ramps  

• CYBERCRIME WATCHLIST™ database provides a great tool for investigating personas and entities off-chain  

We’ve also developed an NFT for our subscribers that gives your business an authentic feel, and your community a place to feel safe and secure. 

For more details please view our website https://cybera.io/crypto-business/ and reach out if you’d like to discuss. 

*via our clients, partners, or directly