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Eleos Labs Brings Fraud Detection to Polygon

Eleos Labs brings FailSafe to Polygon to aid self custody security

Image credit: Growtika on Unsplash

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Singapore-based web3 cybersecurity startup Eleos Labs is bringing its Failsafe fraud detection systems to Polygon.

The new pilot program is a collaboration with Grab's anti-fraud SaaS solution GrabDefence, and leverages on Eleos Labs' experience in dealing with cyber criminals and money launderers. Such criminals include Web2 participants who deploy battle-tested services that protect users from stolen private keys, smart contract hacks.

"Security is an indispensable component of the kind of user experience that gets us to mass adoptions, with tools like FailSafe paving the way forward," said Urvit Goel, VP, Head of Global Business Development at Polygon Labs.

$3.8 billion in crypto was stolen in 2022, whilst $5.9 was lost to scams. Self custody places great responsibility on the user to secure their assets. FailSafe is designed to ensure that digital assets owned by platforms and their end users are protected against malicious attacks.

Read more: Brave Browser, Microsoft, Google, Ethlas Veterans Launch Web3 Security Solution

The solution adopts a defense-in-depth approach that secures assets through multiple layers of security: real-time detection of security risks, reduction of attack surface area and interception of malicious transactions. When a threat is detected, FailSafe swiftly intercepts malicious transactions and ensures assets are moved to safety.

“The lack of practical and effective security solutions is one of the greatest obstacles to the mass adoption of Web3,” said Foo Wui Ngiap, Eleos Labs’ Group Advisor.

“Just like how the Internet evolved into becoming a safer place over the last three decades, Web3 too has to go through that journey. We’re excited to be part of the pioneers that will accelerate that future.”

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