CYBERA has announced its integration with Chainalysis , aiming to provide government agencies and compliance teams with blockchain insight. As per the information detailed in the press release, CYBERA, a provider of advanced reporting and prevention tools to combat scams and fraud, integrated its WATCHLIST solution with Chainalysis investigation services and data platform.

Through this integration, government agencies and compliance teams are set to receive actionable blockchain insights to improve scam prevention in an increasingly threat-prone landscape. CYBERA – Chainalysis integration capabilities and objectives Considering Chainalysis 2024 Crypto Crime Report findings, scammers are currently moving towards more personalised scam tactics, including approval phishing scams which leverage romance tactics to trick users into signing malicious blockchain transactions, providing approval for scammers to withdraw funds in victims’ wallets. The report also mentions that phishing scams earned approximately USD 374.6 million in revenue in 2023.

The current situation in which scammers continue to evolve their malicious methods drives organisations across the public and private sectors to rely on real-time and in-depth data to identify scams and scamming networks and halt their operations. By integrating CYBERA and Chainalysis, the two companies aim to address this need and enable law enforcement agencies, cryptocurrency businesses, financial institutions, and cybersecurity companies globally to use a richer capital of intelligence to prevent scams. According to CYBERA’s officials, the integration supports the company’s objective of combating financial cybercrime. The implementation of the company’s scam crime intel sourced via its AI-driven platform combined with Chainalysis’ blockchain data intends to improve scam detection and prevention standards.

Their collaboration focuses on increasing speed and precision while providing government agencies and compliance teams with enhanced insights. Furthermore, representatives from Chainalysis underlined that the integration with CYBERA is set to provide law enforcement agencies and compliance teams with more robust data to decrease scams, dismantle scamming networks, protect individuals, and increase trust in blockchains. More information about CYBERA and Chainalysis With its solutions, CYBERA aims to prevent money laundering and safeguard customers from scams and other financial cybercrimes.

The company intends to stop cyber criminals by sharing actionable information in real-time with financial institutions, fintech, and crypto exchanges, and coordinating a global legal response to support victims of financial cybercrime. Currently, CYBERA is supported by US and Swiss venture capital investors, with the company being headquartered in the US. As a blockchain data platform, Chainalysis offers data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in more than 70 countries. The company’s data enables investigation, compliance, and market intelligence software that is leveraged to solve criminal cases and increase consumer access to cryptocurrency safely.

Chainalysis is backed by Accel, Addition, Benchmark, Coatue, GIC, Paradigm, Ribbit, and other firms in venture capital. .