CYBERA, a leading provider of advanced reporting and prevention tools to combat scams and fraud, announced an integration with Chainalysis, the blockchain data platform. CYBERA WATCHLIST, an AI-driven global dataset that detects and prevents cyber-related financial crime, including scams, is now integrated with Chainalysis investigation solutions and data platform. This integration will arm government agencies and compliance teams with richer, actionable blockchain insights to better tackle and prevent scams in an exacerbating threat landscape.
Scams are increasingly growing in sophistication. The Chainalysis 2024 Crypto Crime Report found that scammers are moving towards more personalized scam tactics, such as through approval phishing scams which utilize romance – also known as pig butchering – tactics in order to trick users into signing malicious blockchain transactions, granting approval for scammers to drain funds in victims’ wallets. Approval phishing scams earned $374.6 million in revenue in 2023 alone.
As scammers continue to evolve their methods, organizations across the public and private sectors will need to rely on real-time and in-depth data to identify scams and scamming networks and cease them. The integration of CYBERA and Chainalysis helps address this need, and enables law enforcement agencies, cryptocurrency business, financial institutions and cybersecurity companies across the world to leverage a richer capital of intelligence in the fight against scams.
Nicola Staub, CEO of CYBERA stated, “I’m thrilled about our integration with Chainalysis, a turning point in combating financial cybercrimes. By integrating our scam crime intel sourced through our AI-driven platform with Chainalysis’ blockchain data, we’re elevating scam detection and prevention standards. Our joint efforts, focusing on speed and precision, will provide government agencies and compliance teams with unparalleled insights. Together, we’re not just tracing scams; we’re actively shaping a safer digital financial world for everyone.”
Jackie Burns Koven, Head of Cyber Threat Intelligence at Chainalysis said, “Scams have been a growing challenge especially in recent years, and it is difficult to overstate the impact on individuals – young and old – in today’s digital age. Through our integration with CYBERA, we are looking forward to arming law enforcement agencies and compliance teams with more robust data to crack down on scams, dismantle scamming networks, protect individuals, and build greater trust in blockchains.”
SOURCE: PRWeb