Wirex launches innovative strategy to tackle Dark Web and mule account risks

LONDON, Jan. 3, 2024 /PRNewswire/ -- Wirex, a leading Web3 money platform, announced a significant enhancement in its measures to combat Dark Web activities and money mule threats.

The company has seamlessly incorporated ZeroFox's cutting-edge Dark Web Monitoring tool into its system, creating a unified solution. This way, a combination of human and artificial intelligence actively scans the Dark Web for potential dangers like leaked data, compromised credentials, and other sensitive information in real-time.

ZeroFox is a US-based leading cybersecurity company that provides organisations with comprehensive visibility and protection across the surface, deep and dark web.

This proactive approach allows for early detection and prompt intervention. Wirex benefits from ZeroFox's advanced monitoring capabilities, utilising a sophisticated system that issues detailed alerts about potential threats, including their severity and escalation status, ensuring a quick and effective response to incidents.

A significant aspect of this initiative is the effective combat against mule accounts, a critical concern in the financial industry. The integrated system is adept at identifying and responding to suspicious account activities, thereby significantly reducing the risk of financial fraud and reinforcing the security of user transactions.

Pavel Matveev, CEO & Co-founder of Wirex, commented: "It is a significant step forward in our continuous commitment to improving online security. 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. This has reinforced our standing as a reliable financial platform."

Wirex's integration of a Dark Web Monitoring tool, as a complement to existing measures, underscores the company's ongoing commitment to security.

As a regulated financial institution, Wirex prioritises compliance with Know-Your-Customer (KYC) regulations to ensure financial integrity and security. Wirex places a high priority on securing user accounts by implementing a robust account verification process. This proactive measure is designed to protect accounts from unauthorised access and potentially fraudulent activities. By confirming user identities, Wirex aims to assure users that their accounts and funds are safeguarded, enhancing overall account security.

Additionally, Wirex works closely with law enforcement agencies in sharing intelligence and combating financial and cybercrimes.

Furthering its commitment to customer education, Wirex continues to provide educational content to inform and empower its users about the importance of security and responsible financial practices.

Together with ZeroFox's advanced solution, Wirex is setting new standards in financial security, effectively tackling the challenges posed by the Dark Web and mule accounts in the digital finance landscape.

Notes to editors:

About Wirex

Wirex, a global leader in digital payments, revolutionised the financial landscape in 2015 with the introduction of the first crypto-enabled card.

As a Visa and Mastercard principal member, Wirex serves over 6 million customers across 130 countries, offering secure accounts for seamless storage, purchase, and exchange of multiple currencies.

Expanding beyond traditional offerings, Wirex embraces Web3 trends, providing mainstream access to DeFi and wealth management. With $20 billion in transactions processed, Wirex aims to drive the mass adoption of a cashless society by facilitating easy crypto and traditional currency transactions worldwide.

Founded in 2014 by Pavel Matveev and Dmitry Lazarichev, Wirex strives to make cryptocurrencies accessible for everyone, with a presence in London and offices globally.

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SOURCE Wirex