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A recognised leader in their field and ranked among the most influential and regtech companies, Coinfirm serves as a foundation for the safe adoption and use of blockchain.

Fraud and Wealth Analytics

Like any financial ecosystem, the cryptocurrency space has its share of bad actors. As the global leader in regtech, Coinfirm’s world-class analytics solution allows us to provide visibility into hidden information about online financial behavior. We leverage the inherent transparency of blockchain technology to make the crypto ecosystem more secure, unlocking value by enabling safe and efficient capital flows between the blockchain environment and traditional financial markets and institutions. We also understand and can detect suspicious and fraudulent behaviour patterns and track them in real time.

In the first quarter of 2018 alone, thefts of more than $600 million in crypto assets were reported, including $400 million in a single hack. Every month, numerous smaller scams and hacks hit individuals for much smaller amounts of money, and most such cases go unreported.

When these attacks happen, Coinfirm’s forensic investigative techniques allow us to track the flow of stolen funds, monitoring activity on accounts where they have been transferred. Our advanced analytical tools allow us to analyze huge amounts of data, obtaining results in real time. While that doesn’t always make it possible to recover the victims’ property, it does help us identify the accounts of bad actors, and inform members of the crypto community who use our software platform about the high risks of dealing with them. That makes it harder for fraudsters to access the global financial system.

Furthermore, our AMLT allows anyone in the world to report a case of hacking, phishing, ransomware or other online scams, and to be rewarded with tokens for the data they provide to help keep the ecosystem safe. We flag the reported wallets, track their activity and share the information we generate with members of the community, increasing transparency and security for all users of digital currencies and helping realize blockchain’s potential to democratize the financial system.

In addition to tracking and preventing fraud, Coinfirm uses our technology and the vast amounts of information we have gathered to help traditional financial institutions confirm potential customers’ sources of online wealth. We run detailed investigations of all transactions involving virtual currencies by entities wishing to make deposits on fiat currency accounts, providing evidence of the origins of crypto assets.

That allows banks and other financial institutions to make informed decisions based on a wealth of data, helping them comply with anti-money laundering (AML) and know your customer (KYC) regulatory requirements. By smoothing the flow of capital between cryptocurrencies and the traditional financial system, Coinfirm is helping integrate the world of blockchain and cryptocurrencies into the global economy.

Case Studies

 

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