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DeFi tool to notify users about suspicious on-chain activity

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The success of Web3 is dependent upon solutions to the security issues posed by distinct application structures.

Web3 security companies are responsible for ensuring that blockchain-based platforms and applications are protected from cyber threats. These companies offer a variety of services, including smart contract auditing, security testing and incident response. PureFi, a decentralized finance (DeFi) protocol for cryptocurrency onboarding, has introduced a new method called SafeTransact to improve the security of Web3 transactions.

Web3 security is heavily dependent on the unique ability of blockchains to establish promises and withstand human intervention. These software-controlled networks, however, are a potential hacking target because of the related trait of finality – the fact that transactions are often irreversible. This implies a need for more levels of prevention-oriented security. SafeTransact’s addition to the global crypto security arsenal helps in that regard.

SafeTransact examines blockchain transactions and promptly notifies users of any suspicious activities. It is designed to integrate with AMLSafe, a multi-crypto wallet from the same ecosystem.

The SafeTransact system considers the token address, sender address, spender address and amount to gauge transaction risk for approved transactions. The system analyses input data such as “from,” “to,” and “amount” addresses to determine risk levels for token transfer transactions. For swap transactions, it analyzes decentralized exchange (DEX) addresses, fund senders, tokens in and out, and amounts sent to provide a comprehensive assessment of risk.

According to the most recent Chainalysis report, the DeFi industry experienced the highest number of hacks and data breaches. The DeFi space is yet to develop security measures to help users navigate the Web3 world.

Related: No ‘respite’ for exploits, flash loans or exit scams in 2023: Cybersecurity firm

Security companies perform security audits of Web3 applications to identify vulnerabilities and potential risks. Developing blockchain-specific security tools that can help detect and prevent attacks on blockchain networks is included in their functions. These security companies also implement secure coding practices to prevent vulnerabilities in Web3 applications.

Overall, security companies are constantly innovating and developing new approaches to protect Web3 transactions, given the unique challenges and risks associated with blockchain-based transactions.

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