AI-based Crypto Transactions Monitoring for Businesses
Crypto Transactions Monitoring is regulatory requirement
Crypto Transactions Monitoring is a regulatory requirement for all Virtual Asset Service Providers. It means verifying all platform incoming and outgoing transactions and not letting fraudulent accounts participate in the business transactions.
Transactions Monitoring is implemented in traditional finance via Artificial Intelligence; there is a lot of data for the AI-Algorithms - addresses, credit card histories, account histories, device databases, etc.
In the blockchain industry, however, we have only the blockchain address. All the enriched data which is available in traditional finance - all this data is missing in the crypto sector.
SmartCredit.io implemented AI-based Crypto Fraud Score. It's predictive AI analytics based on the blockchain address history:
- It is available in the subscription model for businesses.
AI-based Crypto Fraud Score enables Transaction Monitoring for the CeFi (Centralised Finance) companies:
- This real-time API should validate all transacting addresses (incoming or outgoing).
- If addresses are flagged as potential fraud addresses, then additional verifications (sometimes manual verifications are required).
AI-based Crypto Fraud Score enables Transaction Monitoring for the DeFi (Decentralized Finance) companies:
- Validate the user addresses when they connect to your Decentral Application with this real-time API
- If addresses are flagged as potential fraud addresses, then do not allow the address to connect via Web3 API
SmartCredit.io has integrated AI-based Transactions Monitoring:
- All addresses which connect to the platform are analyzed with the AI-based Crypto Fraud Score API (https://swagger.smarttrust.io )
- If the address is classified as a potential fraud address, then the business transactions - like borrowing, lending, staking, or fiat conversion - are not enabled for the respective address