Wirex taps ZeroFox to tackle Dark Web and money mule accounts

Rick Steves

“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 has announced a substantial improvement in its efforts to combat Dark Web activities and money mule threats.

The company has integrated ZeroFox’s advanced Dark Web Monitoring tool into its system, combining human and artificial intelligence to actively scan the Dark Web for potential risks in real-time, such as leaked data and compromised credentials.

ZeroFox plays crucial role in combating money mule accounts at Wirex

ZeroFox, a prominent US-based cybersecurity company, provides comprehensive visibility and protection across the surface, deep, and dark web. This collaboration enables Wirex to benefit from advanced monitoring capabilities, receiving detailed alerts about potential threats and their severity, facilitating a swift and effective response to incidents.

One of the primary objectives of this initiative is to combat mule accounts, a significant concern in the financial industry. The integrated system excels in identifying and responding to suspicious account activities, thereby reducing the risk of financial fraud and bolstering the security of user transactions.

Pavel Matveev, CEO & Co-founder of Wirex, said: “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 takes KYC seriously

Wirex, as a regulated financial institution, places a strong emphasis on compliance with Know-Your-Customer (KYC) regulations to ensure financial integrity and security. The company prioritizes securing user accounts through a robust verification process, aiming to protect accounts from unauthorized access and potential fraudulent activities.

In addition to these security measures, Wirex actively collaborates with law enforcement agencies, sharing intelligence and contributing to the fight against financial and cybercrimes. The company also continues to educate its users about the importance of security and responsible financial practices, furthering its commitment to customer awareness.

It was in August 2023 that Wirex announced a partnership with Sumsub to integrate its Transaction Monitoring capabilities, Travel Rule compliance solutions for virtual asset transfers, and its KYC (Know Your Customer) software to verify the identity of new clients.

By leveraging the full-cycle verification platform, Wirex will be able to step up its compliance efforts at a time of great regulatory pressure in the digital asset space, namely with the new AML requirements by FATF.

Wirex leverages Sumsub for KYC and AML efforts

The Financial Action Task Force (FATF) is enforcing that virtual asset service providers (VASPs) must adhere to Anti-Money Laundering (AML) regulations to uphold transparency and accountability standards. Sumsub’s solution enables secure Travel Rule information transfers between virtual VASPs, conducting all necessary KYC checks, AML screening, and verification orchestration in accordance with regulatory requirements and Wirex’s business needs.

The Travel Rule solution can be easily integrated with Sumsub’s advanced transaction monitoring (KYT) solution. Transaction monitoring encompasses a flexible set of procedures that typically include analyzing sender/receiver profiles, calculating risk scores, and cross-checking KYC and transaction data.

Sumsub’s Transaction Monitoring solutions assist Wirex in preventing financial fraud and maintaining compliance. Recent internal data revealed 70% of fraudulent activity occurs after the Know-Your-Customer (KYC) onboarding stage, highlighting the necessity for continuous monitoring.

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