Last updated on July 7, 2019
Uppsala Security is a crowdsourced threat intelligence platform built on blockchain technology. Supported by Sentinel Protocol, a team of cybersecurity analysts, Uppsala Security enables a safely connected crypto economy by offering a suite of solutions that meet the security industry’s compliance standards. Uppsala Security has unveiled two new tools—Crypto Analysis Transaction Visualization (CATV) and the Interactive Cooperation Framework API (ICF API) 2.0.
Integrating these tools into pre-existing operations allows enterprises and organizations to plug security vulnerabilities in their applications. Both tools assist in identifying, evaluating and managing the risk status of a user or organization’s digital assets. According to the 2018 Thomson Reuters True Cost of Financial Crime report, the annual cost of financial crime to the global economy is estimated at US$1.45 trillion – US$166bil in the Asia Pacific. As for financial cybercrimes involving crypto exchange thefts, fraud and exit scams, it is estimated to exceed USD $1.2 billion globally in only the first quarter of 2019. With an estimated 76% of laundered cryptocurrencies washed with a crypto exchange service, there is an urgent need to identify and track these fraudulent digital assets.
“With Singapore on the cusp of becoming the blockchain hub for Asia, we are witnessing increasing demands from organizations for security solutions that not only meet industry security standards, but also effectively address businesses’ unique functional requirements – such as in the areas of risk evaluation and management, compliance and transaction monitoring, and identity management and control,” said Nobel Tan, Chief Technology Officer, Uppsala Security.
“We’ve noticed that institutions struggle to adapt to the pace of technological innovation. The same is now proving true with cryptocurrency. Our protection suite addresses this ‘institutional lag’ by equipping enterprises and organizations with tools that prevent financial crimes—such as fraud, money laundering and terrorism financing—from occurring. We enable this by crowdsourcing threat intelligence into our Threat Reputation Database (TRDB), which is the backbone of our security suite. Delivering industry security standards help businesses expedite their journey to compliance as well as the continued safety of their customers’ virtual assets.”
Uppsala Security’s CATV is a data visualization tool which allows users to identify, track, and monitor the full transaction journey of crypto tokens—currently for Ethereum, with EOS and Bitcoins by end of the year. It functions as a risk monitoring and evaluation tool by detecting the suspicious activity of cryptocurrencies and flagging risky status of wallet addresses. Built to protect end-users and businesses from inadvertent involvement in money laundering or terrorist financing, the CATV tool supports international Anti-Money Laundering (AML)/ Counter-Terrorist Financing (CTF) standards outlined by Financial Action Task Force (FATF).
Key features of CATV:
- Automatic mapping of crypto transactions
- Powered by TRDB—provides real-time access to crowdsourced intel from third-party sources such as cryptocurrency exchanges, wallets, payment services, and security reports submitted by end-users
- Systematic investigations via a live display of crypto transactions
“The CATV tool is set to be a game-changer in the regulatory industry. Not only does it help with compliance, but it also provides a practical solution to an alarming trend being observed—the increasing pace and speed at which cyber threats are evolving and developing, accelerated by opportunistic actors circumventing cybersecurity laws in today’s fragmented regulatory landscape,” said Tan.
Complementing the protection suite of cybersecurity solutions, the ICF API 2.0 functions as an additional layer of security validation. It integrates into an organization’s existing application workflow, payment gateways and Know Your Customer (KYC) procedures. As a crypto-aware AML/CTF protection solution, the ICF API 2.0 can restrict the flow of stolen coins by tracking and blocking malicious activity. This simultaneously protects customers’ digital assets whilst allowing businesses to comply with AML/CTF standards.
Key features of ICF API 2.0:
- Built on the industry-standard framework of STIX
- Platform agnostic — can be used by any exchange, wallet, DApp, or application
- On-demand online access to collective security intelligence data held in the TRDB
- Validated whitelists and blacklists of crypto wallet addresses, URLs, and domains related to malware, phishing, and scams