Chainalysis Acquires Alterya: Boosting AI-Powered Fraud Detection Capabilities

Chainalysis Acquires Alterya: Boosting AI-Powered Fraud Detection Capabilities

In the ever-evolving landscape of cryptocurrency, Alterya has emerged as a key player, collaborating with major exchanges and fintechs like Binance, Coinbase, and Block. This strategic partnership enables Alterya to monitor over $8 billion in transactions monthly, spanning both crypto and fiat rails.

Details of the Deal

While the specific terms of the agreement remain undisclosed, reports indicate that the acquisition price for the Tel Aviv-based startup is approximately $150 million.

Enhanced Fraud Protection and Detection

According to Chainalysis, this acquisition allows them to offer real-time proactive fraud protection for payments, significantly enhancing fraud detection during Know Your Customer (KYC) processes for exchanges, blockchains, and wallet providers. Notably, Alterya has already contributed to a remarkable 60% reduction in fraud among leading crypto exchanges, leading to fewer scam-related disputes and greater efficiency in manual operations.

Benefits to Government Agencies

Chainalysis is also positioning Alterya’s capabilities to government agencies. The insights provided by Alterya can be instrumental for lead generation in combating issues such as:

  • Pig butchering
  • Scams
  • Emerging fraud trends

Insights into Fraud Prevention

A recent statement from Chainalysis highlights their commitment to enhancing fraud detection by continuing to build upon Alterya’s collection of fraud identifiers on fiat payment rails. This effort aims to provide valuable insights to financial services firms regarding fiat accounts that are vulnerable to fraud, which often serves as an early warning sign before funds transition into cryptocurrency.

For more information about the evolving landscape of cryptocurrency fraud and prevention strategies, visit Chainalysis or check out CoinDesk for the latest updates.

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