Technology has given fraudsters new life, and while many are experimenting with new methods of attack, older forms of attack such as phishing have also risen to new highs. In fact, in 2024, phishing attacks surged by 150 per cent – to combat this MatterFi, the foundational layer for financial services to build into the crypto ecosystem has launched its platform following a six-month beta phase.
MatterFi is a security-focused firm that gives financial firms access to all the key services they will need to enable them to quickly build compliant, secure and trusted services in the crypto world. Additionally, its infrastructure can be integrated with software wallets, hardware wallets, and AI agents. MatterFi is working towards a future where any asset can go digital, unlocking the enormous potential of consumer and institutional finance.
However, in order for this potential to be realised, something must be done about the current amount of fraud. The popularity of AI is rapidly accelerating the potential for hacking the kind of legacy payment systems popular in the enterprise, with wallet agents potentially exposing sensitive data or cyberattack vulnerabilities. The BBB Scam Tracker Risk Report has found that 80 per cent of people targeted by such scams have lost money.
Send-to-Name
Looking to prevent this, MatterFi has launched its Send-to-Name solution which allows users to transact seamlessly and safely. It does not need complex wallet addresses, which in turn, helps prevent hacking, phishing, SIM swaps, money laundering and exchange thefts with end-to-end cryptographic proofs without the need for passwords and logins.
The Send-to-Name system, which associates addresses with identities, is fully AML/KYC compliant on every chain, token and asset. Decentralised identities are available for all transactions, usernames and agents within the infrastructure.
The MatterFi system allows humans and AI agents full transparency between transacting parties while keeping those transactions private from third parties.
“Enterprise adoption of newer DeFi technologies is not what it should be because of perceived risks and vulnerabilities surrounding these technologies. Not only that, the complexity of these technologies and reliance on complicated addresses has stalled adoption,” said Michael “Mehow” Pospieszalski, founder, MatterFi. “MatterFi completely eliminates this by providing enterprise-grade security while making payments as intuitive and easy to use as legacy systems.”
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