Wirex and ZeroFox Partnership to Combat Dark Web Scammers
In a joint effort to protect Wirex’s brand integrity, UK-based cryptocurrency platform Wirex teamed up with US cybersecurity company ZeroFox three years ago. The collaboration aimed to address issues related to scammers and provide protective measures. According to Wirex’s analysis, the main issue in 2023 was the sale of accounts on the Dark Web. This prompted an extension of the partnership to combat this growing threat.
The Magnitude of the Issue
Wirex received nearly 7,000 alerts escalated by ZeroFox in 2023 regarding offers to sell Wirex accounts on the Dark Web. These statistics highlight the significant risks posed by black markets like Telegram for fintech companies.
Investigating the Threat
A thorough investigation was conducted to understand the depth and complexity of the threat. It was discovered that money mule accounts were being sold on the Dark Web, leading both companies to take proactive measures.
Uncovering a Complicated Network
ZeroFox attempted to contact top Dark Web sellers of Wirex accounts but found that it was just another scam approach. However, in December 2023, they identified a moderately credible threat actor named “bear_gummy” who advertised verified accounts on the Dark Web forum “Exploit.” This marked the beginning of an intense investigation into their modus operandi.
An Intense Investigation
ZeroFox operatives communicated anonymously with “bear_gummy” through various channels. It was noted that English was likely not their native language based on language errors during chats.
Building a Positive Reputation
The investigation revealed that “bear_gummy” was building a positive reputation, indicated by the positive feedback they received. This demonstrated their commitment to maintaining a service model.
Strengthening User Verification Processes
Wirex successfully purchased a Wirex account from the seller to understand their operations and detect patterns in the registration of money mule accounts. The results of the investigation led to enhanced user verification processes across all markets where Wirex provides financial services.
Continued Collaboration
ZeroFox will continue to assist Wirex in combating Dark Web threats related to money mule accounts and other risks associated with their business in 2024.
Reducing the Risk of Stolen Funds
Wirex also utilized ZeroFox Dark Web monitoring to reduce the risk of stolen funds for its clients. They identified stealer malware responsible for extracting login credentials from compromised devices.
User Support and Safety
Wirex thoroughly checks all leaked accounts and promptly notifies and supports clients through their Customer Support. The collaborative efforts of Wirex and ZeroFox have resulted in the closure of 153 mule accounts in 2023, demonstrating their commitment to user safety.
Hot Take: Proactive Measures Against Dark Web Scammers
The partnership between Wirex and ZeroFox has been instrumental in combatting Dark Web scammers. By actively investigating threats, strengthening user verification processes, and monitoring the Dark Web, they have taken proactive measures to protect users from fraudulent activities. Their efforts highlight the importance of collaboration between cryptocurrency platforms and cybersecurity companies in maintaining brand integrity and ensuring user safety in the digital landscape.
By
By
By