Eleos Labs adds FailSafe anti-theft & fraud detection to Polygon

Eleos Labs has announced the integration of FailSafe anti-theft and fraud detection into Polygon, its innovative blockchain-based platform. The addition of FailSafe to Polygon enhances the security and trustworthiness of transactions conducted through the platform, bolstering the integrity of the digital ecosystem. FailSafe enables real-time detection of fraudulent activities, providing end-to-end security for every transaction. As a result, users can now enjoy the benefits of fast and reliable transactions on Polygon, with the added assurance of FailSafe protection against any unauthorized activity. This move serves to further cement Eleos Labs’ position as a leader in the development of secure and efficient blockchain solutions.

Polygon Integrates Eleos Labs’ FailSafe Suite for Enhancing User Security in Web3

Polygon has recently integrated the FailSafe suite of fraud detection and anti-theft detection systems from Eleos Labs to its platform to beef up security for its users in Web3.

According to the tweets released by Polygon, the latest pilot program is in collaboration with GrabDefense, a proprietary anti-fraud software-as-a-service and the company’s primary superapp. Eleos Labs is leveraging this app to combat money laundering syndicates and cybercriminals in the Web3 space.

Web3 is currently in its inflection point phase as it moves further away from being just an experimental front for early adopters to a more inclusive, welcoming space for users of all technical skills and experience. However, the “not your keys, not your crypto” motto remains a significant obstacle. In 2022 alone, the crypto market suffered losses of 3.8 billion dollars due to attacks and 6 billion dollars due to breaches.

FailSafe’s suite of tools comes in handy in maintaining online security by ensuring the safety of virtual assets and users against malicious parties. It adopts a defense-centric approach to construct multiple security layers such as real-time security detection, surface area reduction of attacks, and interception in malicious transactions.

The integration of FailSafe with Polygon is a significant development that has delighted the platform’s end-users. The collaboration between the involved parties is expected to be a major success. Thus, FailSafe paving the way for mass adoption by enhancing user security against malicious parties is a welcome development.

In conclusion, Eleos Labs’ partnership with Polygon to enhance user security in Web3 is a welcome development. FailSafe’s suite of tools comes in handy in providing an extra layer of security for users’ virtual assets against malicious parties. The collaboration between the involved parties is expected to be a major success, and this development should pave the way for mass adoption in the future.

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