Forta’s scam detecting service is based on a network of bots that monitor various types of threats in real time.The service is available on seven Ethereum Virtual Machine (EVM) chains that Forta supports, including Ethereum, Polygon, and BNB Chain.According to a spokesman, the blockchain security business Forta Network has enhanced its scam detector service to include malicious URL data, new forms of threats, and smart contract scanners that account for the most recent types of crypto attacks.
The move comes as crypto developers increase security safeguards for consumers in an ever-expanding ecosystem prone to malicious code, rogue coders, and hacks.The service, which will go live on Tuesday, will be available on all seven Ethereum Virtual Machine chains supported by Forta, including Ethereum, Polygon, and BNB Chain.A previous version concentrated solely on on-chain data, such as smart contracts implicated in fraudulent activities.The most recent version also includes dangerous URLs.
The new version, developed with the help of security organizations such as Blocksec and Nethermind, employs predictive techniques to detect on-chain addresses connected with known scammers and contracts that closely match known scammers.According to Forta, wallets such as Zengo employed the Scam Detector to notify customers of fraudulent addresses during the pre-signed transaction screening process.The company’s service is based on a set of Forta bots that monitor several threat kinds in real-time to detect scam activities.When these bots detect a scammer, they send out a real-time alert for the user to review.
Because of its inherent vulnerabilities, like as complicated code, a hugely connected environment, and millions of money held on sometimes obscure sites, the cryptocurrency ecosystem has long been a target for hackers.
As previously reported, crypto traders lost $303 million in tokens in July alone.Hackers used a weakness in some versions of the smart contract coding language Vyper to drain over $125 million of assets from blockchain bridge platform Multichain, and a $72 million exploit targeted DeFi powerhouse Curve Finance.