Kaspersky Fraud Prevention helps Indacoin halt fraudulent operations with cryptocurrency

Thursday, July 02, 2020

Company: Kaspersky Labs Inc

The cryptocurrency exchange service, Indacoin has adopted Kaspersky Fraud prevention in order to prevent fraudulent operations with cryptocurrencies. One of cryptocurrency’s main benefits is the ability to conduct trusted transactions swiftly. However, the anonymous and decentralized nature of these transfers can be leveraged by fraudsters to ‘wash’ money or trick legitimate crypto investors. The adoption of Kaspersky Fraud Prevention will halt this haul practice and allow Indacoin to keep their customers’ investments truly clean.

Many fraudsters launder funds from stolen or leaked card details before they transfer them to their bank accounts. It is estimated that around three-quarters of laundered cryptocurrency in 2018 was ‘washed’ with an exchange service. Criminals are also able to manipulate crypto exchange users to transfer money into another account by impersonating security service members and using tools for remote access. As this software is legitimate, traditional security solutions may not be alerted to any risks and mark it as dangerous. These cases not only put users’ investments at risk but also negatively impacts the reputation of exchange services.

It is critical to identify and block these damaging transactions, without affecting the speed of legitimate transfers of funds. The cryptocurrency exchange rate is known to be quite erratic, which means investors rely on their payments being processed very quickly.

Indacoin, a leading fiat-to-crypto exchange, provides a simplified verification process, which allows customers to use its partners’ services without any additional difficulties. To eliminate risks of the platform being misused, Indacoin has turned to the Kaspersky Fraud Prevention service. The Automated Fraud Analysis uncovers fraudulent transactions in real-time. It also can detect fraudster groups through global device reputation and extended fingerprinting analysis, so it is capable of detecting suspicious activity before the act of fraud has actually damaged the business.

As a result of Kaspersky Fraud Prevention being integrated into Indacoin’s antifraud system, its efficiencies rose by 38%. The most noticeable improvement was the ability to identify operations when operations were conducted on a client’s computer or phone via remote access.

“The crypto exchange has many unique features, but in general, we share the main risks of financial institutions: security of cards and payment information, as well as security of personal accounts and safety of client's funds,” comments Anvar Sidorov, director of partnerships at Indacoin. “The implementation of Kaspersky Fraud Prevention helped to identify highly targeted fraud schemes, identify dishonest users with advanced precision and implement machine learning in the verification system.”

“We are delighted to be chosen by Indacoin, and it is always great to see a business take cybersecurity seriously,” said Claire Hatcher, head of business for Kaspersky Fraud Prevention. “Fraudulent transactions are common on crypto exchange services and this has the potential to damage investor loyalty in this new sphere. By integrating Kaspersky Fraud Prevention with their exchange, Indacoin is positioning itself as a trusted partner for cryptocurrency investors in what is a highly competitive market.”

More information about Kaspersky Fraud Prevention is available on the official website. Learn more about how Indacoin uses Kaspersky Fraud Prevention via the link.

About Kaspersky

Kaspersky is a global cybersecurity company founded in 1997. Kaspersky’s deep threat intelligence and security expertise is constantly transforming into innovative security solutions and services to protect businesses, critical infrastructure, governments and consumers around the globe. The company’s comprehensive security portfolio includes leading endpoint protection and a number of specialized security solutions and services to fight sophisticated and evolving digital threats. Over 400 million users are protected by Kaspersky technologies and we help 250,000 corporate clients protect what matters most to them. Learn more at

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