Merkle Science, nSure.ai join forces to eliminate cryptocurrency fraud

Cryptocurrency risk prediction and intelligence platform merkle science To eliminate cryptocurrency fraud, we have joined forces with nSure.ai, an AI-powered payment fraud prevention platform tailored specifically for the cryptocurrency industry.

“This partnership will reduce cryptocurrency crime, combat fraud, and ultimately drive cryptocurrency adoption through a more secure environment for digital currencies,” the two companies noted in a press release shared with AlexaBlockchain.

Why it’s important: As interest in cryptocurrency continues to grow, the shadow of cybercrime also grows. According to research by Immunefi, the cryptocurrency industry lost more than $1.3 billion to hacks and fraud last year. Another study found a more concerning increase in cryptocurrency theft over the past few years. Starting from a relatively small amount of $2.3 million in 2011, this figure soared to a whopping $3.5 billion by 2022.

In fact, financial institutions are facing unprecedented challenges due to cryptocurrency fraud, which is increasing compliance costs.

widespread fear The rate of fraudulent transactions has significantly hindered the growth and acceptance of cryptocurrencies as a legitimate medium of exchange within the global economy. These concerns have hindered the full acceptance of digital currencies by both merchants and consumers, impacting their potential to become mainstream financial tools.

• To address these concerns, Merkle Science CEO Mriganka Pattnaik Fraud was cited as a major obstacle to cryptocurrency adoption.
• Mriganka added, “Our partnership with nSure.ai overcomes these obstacles, allowing both sides of the market to use cryptocurrencies with unprecedented security, safety, and most importantly, confidence.”

Collaborative Effort: Merkle Science and nSure.ai aim to break down these barriers by pooling resources and expertise.

• This partnership leverages nSure.ai’s capabilities in preventing payment fraud within the cryptocurrency sector, enabling customers to leverage Merkle Science’s Compass, a cutting-edge behavioral blockchain transaction monitoring solution.
• This tool empowers end users to confidently participate in cryptocurrency transactions, strengthening the security framework from the point of onboarding to subsequent on-chain activities.
• Conversely, Merkle Science’s customers benefit from nSure.ai’s sophisticated fraud prevention platform, which delivers two benefits: This not only helps prevent payment fraud during fiat-to-crypto conversion, but also simplifies the onboarding of new customers and partners. , thereby promoting business scalability.

By encompassing a wide range of fraud detection and prevention capabilities—From tracking fraudulent activity to predicting potential threats, the partnership aims to provide end-to-end solutions to protect your cryptocurrency lifestyle.

• nSure.ai Co-Founder and CEO Alex Zeltcer It highlighted the growing demand among cryptocurrency exchanges and onramp entities for more secure trading processes while converting fiat currencies to cryptocurrencies.
• “Working with Merkle Science and leveraging Compass will help businesses identify cryptocurrency fraud, enable seamless transactions for legitimate consumers who want to use digital currencies on a daily basis, and facilitate successful onboarding of onramp partners,” said Alex. “There is,” he added.

conclusion: These developments are critical to the growth of cryptocurrencies from a niche market to a mainstream financial product, and promise a future where more people can confidently embrace digital currencies.

Also Read: Predictive Blockchain Analytics Company Merkle Science Raises $5.75 Million