Cybera, a provider of advanced reporting and prevention tools, has launched a strategic integration with Chainalysis, a blockchain data platform, to equip government agencies and compliance teams with enhanced insights to combat scams and prevent financial cybercrime.
The integration of Cybera’s artificial intelligence (AI)-driven global dataset, known as Cybera Watchlist, with Chainalysis’ investigation solutions and data platform will provide richer and actionable blockchain insights, the companies said in a Monday (Feb. 5) press release.
This collaboration will enable law enforcement agencies, cryptocurrency businesses, financial institutions and cybersecurity companies worldwide to leverage a more comprehensive intelligence network in their fight against scams, according to the release.
“By integrating our scam crime intel sourced through our AI-driven platform with Chainalysis’ blockchain data, we’re elevating scam detection and prevention standards,” Nicola Staub, CEO of Cybera, said in the release. “Our joint efforts, focusing on speed and precision, will provide government agencies and compliance teams with unparalleled insights.”
The integration of solutions from Cybera and Chainalysis comes at a time when scammers have evolved their tactics, employing personalized strategies such as approval phishing scams that deceive users into signing malicious blockchain transactions, according to the press release.
These scams generated $374.6 million in revenue in 2023 alone, according to the Chainalysis 2024 Crypto Crime Report.
As scammers continue to refine their methods, it is crucial for organizations across the public and private sectors to have access to real-time and comprehensive data to identify and halt fraudulent activities, per the release.
“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,” Jackie Burns Koven, head of cyber threat intelligence at Chainalysis, said in the release.
In its latest report on the state of crypto crime trends, Chainalysis also found that stablecoins have supplanted bitcoin as a key mover of illicit transactions. Stablecoins accounted for roughly 70% of scams tied to crypto last year.
PYMNTS Intelligence has found that crypto fraud remains a bane for banks. More than half of financial institutions with assets of up to $5 billion are experiencing an increase in the number of frauds and scams associated with cryptocurrencies, according to “The State of Fraud and Financial Crime in the U.S. 2023,” a PYMNTS and Hawk:AI collaboration.