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

Eleos Labs recently announced the addition of the FailSafe suite of fraud detection and anti-theft detection systems to Polygon.

Polygon released an official string of tweets and a post to inform users about the development. According to the tweets, the latest pilot program is in collaboration with GrabDefence. GrabDefense, a proprietary anti-fraud software-as-a-service, is the company’s primary superapp.

That is why Eleos Labs is using the app to deal with money laundering syndicates and cybercriminals in Web3. The platform has tested services that protect users from smart contract attacks, exploited ERC-20 approvals, and stolen private keys.

Urvit Goel, Polygon Labs’ Head of Global Business Development, talked about the integration. According to Urvit, Web3 is currently at its inflection point as it progresses from an experimental front for early adopters to a welcoming space.

This space is friendly for everyone, regardless of their technical skill and experience. Security is the indispensable component of the user experience that leads to mass adoption, especially with FailSafe paving the way, added Urvit.

Nonetheless, the not users’ keys, not users’ crypto motto in Web3 remains a double-edged sword. In 2022 alone, the crypto market suffered losses of 3.8 billion dollars due to attacks and 6 billion dollars due to breaches.

Since the ability to self-secure one’s assets carries with it a degree of responsibility, any assistance is useful in maintaining online security. This is what FailSafe’s suite of tools aims to achieve.

The platform ensures the safety of virtual assets and users against malicious parties. It adopts a defense-centric approach to construct multiple security layers. It involves:

• Real-time security detection
• Surface area reduction of attacks
• Interception in malicious transactions

FailSafe stops malicious parties to ensure digital assets are moved safely. That is why its integration with Polygon is delighting end users. Given the involved parties’ stature, the entire collaboration is expected to be a major success.