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Digital-payments provider Wirex says it is working with ZeroFox Holdings Inc., a provider of cybersecurity technology, to incorporate ZeroFox’s Dark Web Monitoring app into its platform.
Wirex’s blockchain-based service enables consumers to buy, sell, send, spend, and store fiat and crypto currency through the Wirex digital wallet. ZeroFox’s Dark Web Monitoring app uses a combination of human and artificial intelligence to scan the so-called dark Web for potential dangers such as leaked data, compromised credentials, and other sensitive information in real-time. The app generates detailed alerts about potential threats, including their severity and escalation status.
By integrating ZeroFox’s app into its platform, Wirex will be able to monitor for, and detect, fraud, as well as spot threats from money mules, the companies say. Money mules are individuals that allow criminals to use their bank account to transfer money, often in exchange for a fee.
A part of the Internet that is not indexed, the dark Web serves as a marketplace where criminals can purchase such data as credit card numbers, stolen subscription credentials, and hacked Netflix accounts, as well as counterfeit money, drugs, guns, and software that enables criminals to hack consumer accounts.
“The cutting-edge technology offered by ZeroFox has played a crucial role in strengthening our defenses, especially in combating the rise of the money-mule accounts” Wirex chief executive and co-founder Pavel Matveev says in a statement. “This has reinforced our standing as a reliable financial platform.”
A regulated financial institution, London-based Wirex offers technology that, among other services, offers compliance with know-your-customer regulations to protect accounts from unauthorized access and potentially fraudulent activities. It serves more than 6 million customers across 130 countries and says it has processed $20 billion in transactions since its 2014 founding.
The company is a principal member of both Visa and Mastercard, and in 2015 issued what it says was the first card enabled for cryptocurrency.
