TRM Labs, the enabler of blockchain intelligence solutions, announced an expanded use case for its Wallet Screening solution, enabling fraud prevention teams at FIs and crypto exchanges to be able to “proactively” block fraudulent crypto transfers prior to funds actually leaving customer accounts.
With fraudsters stealing at least $10.7 billion from crypto users in 2024 alone — representing “24% of total illicit crypto volume — Wallet Screening provides timely and critical intelligence to protect institutions and their customers.”
Used by compliance teams, TRM Wallet Screening reportedly leverages scam intelligence, including almost 1 million “firsthand” reports from Chainabuse, AI-driven “scam bots” that detect malicious sites instantly, and expert human threat hunting “to identify scam-related wallet addresses in real-time.”
This enables fraud teams to stop “authorized push payment (APP) fraud — one of the most difficult types of scams to detect — and empowers institutions to intervene at the critical moment before irreversible losses occur.”
Esteban Castaño, CEO of TRM Labs said:
“Crypto scams continue to pose a significant threat, with APP fraud among the most damaging due to the trust element involved. By extending Wallet Screening’s capabilities to fraud teams, we empower institutions to intervene at the critical moment before irreversible losses occur, enhancing customer protection and trust.”
Key benefits for fraud prevention teams:
- Real-time scam prevention: Instantly detect and block transactions to known scam addresses, preventing customer losses.
- Enhanced customer protection: Alert customers before transactions are finalized, demonstrating proactive commitment to security.
- Reduced fraud liability: Aligns with regulations, minimizing institutional liability from user-authorized fraud losses.
- Ongoing transaction monitoring: Optional post-transaction monitoring identifies if previously cleared addresses later become linked to scams, enabling rapid response.
- Dedicated victim support via Chainabuse: Customized support portals provide victim resources, education, and direct pathways to law enforcement and recovery efforts.
Unique intelligence and AI-driven insights:
- Chainabuse data: Exclusive access to the world’s largest crypto scam-reporting platform with nearly one million reports.
- AI scam detection: TRM’s AI bots continuously detect emerging scams in real-time, providing early intervention capabilities.
- Human analysis: TRM’s team uncovers and continuously updates intelligence on international fraud networks.
- Law enforcement collaboration: Coordination with over 150 global agencies and major exchanges through TRM Beacon Network enables asset freezes and victim restitution.
TRM Wallet Screening for Fraud Prevention is “available to existing and new customers via an easy-to-integrate API, allowing institutions to rapidly bolster their fraud prevention measures.”
As noted in the update, TRM Labs provides blockchain intelligence solutions trusted “by financial institutions, crypto businesses, and law enforcement to detect, investigate, and prevent crypto-related financial crime.”
TRM combines advanced analytics with human expertise “to build a safer financial system for everyone.”
