MIPT Unveils 90% Accurate Algorithm to Combat Crypto Fake Accounts
Researchers from the Moscow Institute of Physics and Technology (MIPT) have unveiled a cutting-edge algorithm to combat fake account networks in cryptocurrency ecosystems. This new tool boasts an impressive 90% accuracy rate in detecting fraudulent activities.
The algorithm, presented by MIPT, analyses behavioural patterns and network connections between wallets to identify complex clusters of fake accounts. This 'panic button' feature significantly speeds up the reaction to fraudulent actions, making them more difficult to execute.
Major banks have begun integrating 'panic buttons' into their mobile apps to swiftly respond to fraudulent activities. From October 1, it will be mandatory for banks to include this feature, allowing clients to report unauthorized operations and receive transaction status updates.
The new algorithm from MIPT and the widespread adoption of 'panic buttons' in banking apps are expected to bolster security in both cryptocurrency ecosystems and traditional banking systems. These innovations aim to protect users and make fraudulent activities more challenging to execute.
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