UK-based digital payment platform Wirex has announced a new strategy to combat Dark Web activities and money mule threats. As part of this initiative, the company has integrated ZeroFox's Dark Web Monitoring tool into its system.

This allows for a combination of human and artificial intelligence to actively scan the Dark Web for potential dangers such as leaked data, compromised credentials, and other sensitive information in real-time. ZeroFox monitoring capabilities ZeroFox is a US-based cybersecurity company that provides extensive visibility and protection across the surface, deep and dark web. Thus, through these integrations, Wirex aims to benefit from ZeroFox's advanced monitoring capabilities, utilising a system that issues detailed alerts about potential threats, including their severity and escalation status.

This will ensure a quick and effective response to incidents. The integrated system is designed to identify and respond to suspicious account activities, thereby significantly reducing the risk of financial fraud and reinforcing the security of user transactions. This is particularly important in combating the rise of money mule accounts, which is a critical concern in the financial industry.

As per an official statement, Wirex's integration of a Dark Web Monitoring tool underscores the company's ongoing commitment to security. Together with ZeroFox's advanced solution, Wirex intends to set new standards in financial security, tackling the challenges posed by the Dark Web and mule accounts in the digital finance landscape. More about Wirex previous developments Wirex is a regulated financial institution that prioritises compliance with Know-Your-Customer (KYC) regulations to ensure financial integrity and security.

To protect accounts from unauthorised access and potentially fraudulent activities, Wirex implements an advanced account verification process. Therefore, by confirming user identities, Wirex aims to assure users that their accounts and funds are safeguarded. In addition to this, Wirex works closely with law enforcement agencies in sharing intelligence and combating financial and cybercrimes.

The company also provides educational content to inform and empower its users about the importance of security and responsible financial practices. Moreover, Wirex closed a series of partnerships with banks or other financial institutions to provide tools for online security or to expand its suite of services. In September 2023, Wirex partnered with Onramper, a fiat-to-crypto onramp aggregator, to offer access to cryptocurrencies in over 190 countries through 120+ payment methods.

The collaboration improved Wirex user accessibility to crypto including Bitcoin (BTC), Ether (ETH), and stablecoins through a seamless and convenient integration within Wirex Wallet. Earlier same year, Wirex partnered with Sumsub, providing Wirex with Transaction Monitoring capabilities, Travel Rule compliance solutions for virtual asset transfers, and its KYC (Know Your Customer) software for client identity verification. .