Vogogo's fraud and risk mitigation service is being released as a stand-alone system to help cryptocurrency companies protect themselves against rising rates of cyberattack.
Announced on Monday, the cryptocurrency payment processing and fraud mitigation company said that high demand prompted the release of the service for free, in both use and integration. In the current threat landscape, it is more important than ever that the enterprise invest in cybersecurity measures -- and the crypto industry is no exception.
In recent times, to name but a few, Mt. Gox, Bitfloor and Bitstamp have all been reportedly the victims of cyberattacks. Hackers are able to hijack mining pools or break into a virtual currency exchange's hot wallet system to steal funds, and unfortunately, many exchanges either close or do not have enough funds left in cold storage to compensate traders.
Vogogo, which works with companies including CoinTrader, ANXPro, Rock Trading, QuadrigaCX and BitMEX, offers a fraud and risk mitigation service which validates large volumes of high-risk payment transactions. Each separate individual or business involved in a transaction is verified -- as well as each individual transaction itself -- before being processed.
Vogogo CEO Geoff Gordon commented:
"The crypto industry, as it starts to mature, is going to experience sophisticated fraud just like conventional industries do. This recent event is a major example of that. It is disappointing, as any attempted fraud which acts to harm the cryptocurrency industry is an attack on all of us that work so hard within the industry.
It's also frustrating as we believe these types of sophisticated fraud events can be effectively prevented with the right systems in place. Therefore, we have elected to open up our fraud and risk mitigation services to crypto-based businesses, worldwide, free of cost."
Vogogo's chief revenue officer Rodney Thompson said that the decision to open up Vogogo's service was not only to help combat fraud, but to educate players within the fledgling industry on how to manage overall fraud levels and risk.
The offer allows any crypto-based firm free integration and use of the platform for a minimum of three months for free.
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