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According to the latest Chainalysis report, decentralized finance (DeFi) as the sector is most suffering from hacks and leaks: in 2022 alone, DeFi protocols lost $3.1 billion to bad actors and malware. Overall, there was over $20 billion in illicit activity in 2022. Despite its astonishing growth rate, the DeFi space is yet to develop robust security measures to help users confidently navigate the brave new world.
SafeTransact by PureFi is a cutting-edge tool created to protect Web3 transactions against fraud, phishing, theft, and other malicious actions — and it might just be a solution.
SafeTransact: real-time alerts for risky transactions
SafeTransact, the lately released in-app tool, analyzes blockchain transactions and sends real-time alerts upon detecting suspicious activities. Primarily, it will be integrated into AMLSafe, a native multi-crypto wallet from the same ecosystem.
“The key advantage of SafeTransact is that it can be integrated into any dApps and non-custodial wallets, which will significantly cut the security risks, preventing fraud schemes, and helping millions of crypto users avoid scams,” says Slava Demchuk, PureFi CEO.
How does SafeTransact work?
SafeTransact was designed to safeguard users against the following threats:
- phishing;
- zero-value token “transfers” attack;
- “scan – copy – paste – robbed” attack;
- sending funds to illicit addresses.
The system assesses risks gradually, showing four levels of risk, from “low” to “very high.” It uses specific criteria to evaluate different types of transactions:
- For approved transactions, the system considers the token address, sender address, spender address, and amount to gauge transaction risk.
- For token transfer transactions, the system analyzes input data such as “from,” “to,” and “amount” addresses to determine risk levels.
- For swap transactions, the system assesses DEX addresses, fund senders, tokens in and out, and amounts sent to offer a comprehensive risk evaluation.
The system also takes proactive measures to detect potential scam tokens by monitoring smart contract deployment transactions on the blockchain. It assigns risk scores to deployer addresses and transacting addresses and flags tokens and trading pairs on DEXs based on their risk levels to help users avoid potential scams.
New hacker tricks call for constant tool refining
“Protecting our users is a top priority at PureFi. Every week, we receive an average of dozens of support requests from users who have fallen victim to Web3 theft. SafeTransact is based on these reports, which makes it a highly relevant solution to the sector’s security issues. We have incorporated all known theft schemes into this tool — but we are not stopping there”, Slava added.
SafeTransact by PureFi will be a valuable addition to the global crypto security arsenal. However, it’s a dynamic and ever-evolving landscape where fraudsters will continue to devise new methods of deception. Developers of this cutting-edge tool will constantly adapt and add new functionalities to stay ahead of them.
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