Nexo Unveils Anti-Scam Engine
Nexo, a platform specializing in digital asset management, has unveiled a sophisticated Anti-Scam Engine that acts in real time to identify potentially dangerous transactions. This innovative mechanism is designed to protect users by temporarily pausing or flagging suspicious activity.
According to information shared with Bitcoin.com News, Nexo emphasizes that the Anti-Scam Engine is set to function automatically and employs contextual analysis in conjunction with blockchain security measures to gauge risk levels.
When a heightened risk is suspected, the system generates straightforward notifications that allow users to examine transaction details before making a decision to continue. The intention behind these interventions is to strike a balance between user convenience and fraud prevention, minimizing unnecessary hassles while safeguarding finances.
Combating Fraudulent Practices
The introduction of this tool aims to combat various fraudulent practices, such as social engineering schemes and cross-border scams, which encompass tactics like romance scams, tech-support impersonation, and high-yield Ponzi schemes. Citing research from Chainalysis, Nexo pointed out that estimated losses from cryptocurrency scams reached approximately $9.9 billion in 2024, underlining the necessity of this safety measure.
Functionality and Compatibility
Currently, the Anti-Scam Engine is compatible with networks including Ethereum, Optimism, BNB Chain, Polygon, Arbitrum, Avalanche, and Base. Nexo also indicated that they are working on expanding its functionality to include Bitcoin, Solana, Tron, and XRP.
Users will receive alerts only when certain risk indicators are triggered, and the majority of transactions will proceed without delays. However, in cases deemed as posing a high risk, there may be brief pauses for verification to avert potential financial losses.
Commitment to User Protection
Nexo presents this enhancement as part of their ongoing commitment to diminish operational risks while ensuring client asset protection. The Anti-Scam Engine is backed by external intelligence sources and is built to adapt to new fraud patterns as they arise.
Founded in 2018, Nexo offers a variety of services related to cryptocurrency, including savings, lending, trading, and card offerings, boasting over $11 billion in assets under management and processing $371 billion in transactions across over 150 jurisdictions.
The company has yet to reveal details regarding technical collaborators, a comprehensive outline of the model, or a timeline for achieving full multi-chain functionality. Observers within the industry are keen to see if the specified fraud alerts can effectively diminish fraudulent activities without creating added friction for users.
