DeFi tool to notify users about suspicious on-chain activity

cointelegraph.com:

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