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One of cryptocurrencys main benefits is the ability to conduct trusted transactions swiftly. However, the anonymous and decentralized nature of these transfers can be leveraged by fraudsters to wash money or trick legitimate crypto investors. In order to keep their customers investments truly clean, exchange service Indacoin has adopted Kaspersky Fraud Prevent to halt this foul practice.

Many fraudsters launder funds from stolen cards or using leaked card details before they transfer them to their bank accounts and it is estimated that around three-quarters of laundered cryptocurrency in 2018 was washed with an exchange service. They are also able to manipulate crypto exchange users to transfer money into another account by impersonating security service members and using tools for remote access. As this software is legitimate, traditional security solutions may not be alerted to any risks and mark it as dangers. These cases not only put users investments at risk but also negatively impacts the reputation of exchange services.

It is critical to identify and block these damaging transactions, without affecting the speed of legitimate transfers of funds. The cryptocurrency exchange rate is known to be quite erratic. which means investors rely on their payments being processed very quickly.

Indacoin, a leading fiat-to-crypto exchange, provides a simplified verification process, which allows customers to use its partners services without any additional difficulties. To eliminate risks of the platform being misused, Indacoin has turned to the Kaspersky Fraud Prevention service. The Automated Fraud Analysis uncovers fraudulent transactions in real-time. It also can detect fraudster groups through global device reputation and extended fingerprinting analysis, so it is capable of detecting suspicious activity before the act of fraud has actually damaged the business.

As a result of Kaspersky Fraud Prevention being integrated into Indacoins antifraud system, its efficiencies rose by 38%. The most noticeable improvement was the ability to identify operations when operations were conducted on a clients computer or phone via remote access.

Anvar Sidorov, Director of Partnerships at Indacoin, provided his commentary: The crypto exchange has many unique features, but in general, we share the main risks of financial institutions: security of cards and payment information, as well as security of personal accounts and safety of clients funds. The implementation of Kaspersky Fraud Prevention helped to identify highly targeted fraud schemes, identify dishonest users with advanced precision and implement machine learning in the verification system.

We are delighted to be chosen by Indacoin, and it is always great to see a business take cybersecurity seriously. Fraudulent transactions are common on crypto exchange services and this has the potential to damage investor loyalty in this new sphere. By integrating Kaspersky Fraud Prevention with their exchange, Indacoin is positioning itself as a trusted partner for cryptocurrency investors in what is a highly competitive market, comments Claire Hatcher, Head of Business for Kaspersky Fraud Prevention.

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Kaspersky Fraud Prevention helps Indacoin halt fraudulent operations with cryptocurrency - CRN.in