Scorechain Introduces New AI to Detect Cryptocurrency Fraud
Scorechain initiates Artificial Intelligence to disclose fraud schemes in its anti-money laundering cryptocurrency transaction checking software. The organization signs a revolutionary development in the blockchain analytics space with the wallet type’s prediction.
Artificial Intelligence introduced by Scorechain includes plans to offer a more exact risk-scoring for cryptocurrencies activities with increasingly refined blockchain services identification.
Breaking news: Scorechain introduces #AI for fighting #cryptocurrency fraud and money laundering! #AML #KYT #regulation https://t.co/kt6PvN2UOa pic.twitter.com/ruSGoATk4n
— scorechain (@scorechain) November 18, 2019
By using Scorechain Artificial Intelligence (SCai), the platform is currently capable of predicting the kind of service that represents a group of addresses. Besides, the scalable model has just demonstrated its effectiveness, as SCai has shown over 92 percent of good expectations during the validation stage.
SCai forecasts entity types identified with dark web gambling, market places, mixing and trade platforms. The AI model, equipped with over 90 attributes, can analyze transaction trends and service operations over 120 million addresses. Besides, the SCai bot has been created dependent on academic research and learnings from Scorechain labeled information.
Scorechain CEO, Pierre Gerard stated that,
“Finding new entities and improving our Blockchain naming coverage is one of our top priorities. Our clients want to have the most rigorous risk-based approach. This is a breakthrough since the AI already identified five million addresses, such as darkweb marketplaces. Results have proved false positive are really low.”
Scorechain clients can choose whether to initiate SCai or not at any time and can have permission for full customization. Further, this full customization enables clients to think about false or positive practices. This feature is accessible on the UI and by using the API.
