Exposing a gap in the blockchain economy
Enter Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Los Angeles, California, October 26, 2021 (GLOBE NEWSWIRE) – (via Blockchain Wire) Exposing Gap in Blockchain Economy – Even Security Guards Need Security
Blockchain has made a name for itself by bringing an almost foolproof level of verification into the internet age. This is due to the unique way the blockchain stores data: Essentially, each new block of data connects to all of the blocks that precede it in a crypto chain in such a way that it is virtually impossible to tamper with. All transactions within blocks are validated and agreed upon by a consensus mechanism across the entire network, ensuring that every transaction is verified and correct.
All of this is true and has stood the test of time so far. The blockchain has created an impenetrable fortress around the trading of currencies and digital assets, and because of this, trillions of dollars have been traded in this emerging economy. That being said, security only has the value of its weakest link. You can fortify your house as much as you want, when someone has the key to your front door, they will come right in.
In the first six months of 2021, a 700% increase in SMS phishing was reported compared to the previous year. According to a recent article by the Coinbase security team, financial smishing fraud, a form of phishing that uses cell phones as an attack platform, is now one of the most widely used cyberattacks against merchants in cryptocurrency. The decentralized nature of blockchain transactions is both its greatest strength and its greatest threat in this way. Since no governing body can reverse a crypto transaction once it has been registered on the chain, malicious actors see it as a prime target for all kinds of phishing attempts to gain access to your private key or to your trading account. With the rapid global adoption of crypto and NFTs, we will certainly continue to see an increase in phone number spoofing and fake 2FA messages.
With that in mind, there is a relevant need for a security solution that will detect and stop phishing threats before they have a chance to succeed. Fortunately, Total Network Services (TNS), Rypplzz, and Forward Edge-AI have teamed up to bring Gabriel® Crypto to the international market. Gabriel Crypto is a revolutionary smartphone security solution that combines Swarm Intelligence, Machine Learning, AI, Natural Language Processing, Tokenized Mobile Equipment Identifiers (E-MEID) with patented geospatial intelligence, an encrypted Blockchain database and $ DigitalNames in one use the defense system of the smartphone.
Originally developed under a National Science Foundation (NSF) grant, Small Business Innovation Research (SBIR), Gabriel was developed to protect consumers against vishing (phishing attacks involving the use of voice calls) and Crowdsourcing Intelligence smishing attacks, to identify and block unsafe voice calls and text messages. Forward Edge-AI recently partnered with TNS which brings to Gabriel Crypto two of their solutions, $ DigitalNames and E-MEID. $ DigitalNames provides an alias for public keys to provide three-factor authentication for each wallet transaction to ensure user information is protected. The E-MEID, powered by Rypplzz’s patented technology, registers the device’s MEID wirelessly on a blockchain to create an immutable cryptographically protected record of the device’s software and user licenses.
E-MEID also alerts users to any relevant entry from the National Vulnerability Database (NVD). NVD data enables the automation of vulnerability management, security measurement and compliance. Finally, the E-MEID solution provides advanced geolocation data and supply chain management capabilities, through Rypplzz’s Interlife® platform, which can dramatically improve security measures and provide operational options in time. near real based on the location of the associated asset.
Forward Edge-AI was recently approved by an independent third party risk management and due diligence review created by TruSight Solution. TruSight is the third-party best practice assessment service created by leading industry players for the collective benefit of all financial institutions, their suppliers, partners and other third parties. Its founders are Wells Fargo, JPMorgan Chase, Bank of America, American Express and BNY Mellon.
Eric Adolphe, Managing Director of Forward Edge-AI, said: “I am pleased to announce that Total Network Services has joined the Gabriel Zero-Day Scam detection ecosystem. Thanks to its integration with TNS, Gabriel is able to offer an improved solution to detect, block and report smishing attacks in 25 languages. With Purple Alerts ™, app users are alerted in real time when it is intelligently detected that they are interacting with a scammer by voice or SMS. Through integration with TNS, users of the Gabriel Crypto app can earn cryptocurrency by participating in a gamified experience that helps deepen Gabriel’s security through participatory intelligence.
Kevin L. Jackson, senior vice president of TNS, sees it as another revolutionary step forward in cybersecurity. “Gabriel Crypto applies artificial intelligence, machine learning and participatory intelligence to the protection of communications and transactions related to cryptocurrencies and securities. This advance in cyber defense is an essential need in the new decentralized financial environment. “
Josh Pendrick, Chief Executive Officer of Rypplzz, said, “This is a first step not only towards securing the supply chain assets that hold our company together, but also to dramatically reduce complexity and improve the efficiency of global supply chain resource management. “
About ForwardEdge AI: The mission of ForwardEdge AI, Inc. is to leverage artificial intelligence and other emerging technologies to solve complex problems with social consequences. To learn more about ForwardEdge AI, visit https://forwardedge-ai.com/
About Total Network Services, Corp: Total Network Services, Corp (TNS) is a San Diego-based developer of simple, safe and secure blockchain-centric products and services designed to help the global transition to the global economy. blockchain and integrate with it. TNS innovations extend beyond industry boundaries – from FinTech to telecommunications security – all supported by its network infrastructure. TNS’s mission is to improve existing solutions by infusing new levels of verification into the next evolution of the Internet. To learn more, visit https://tnscorp.io/
About Rypplzz, Inc. Rypplzz has developed a patented space computing system, called Interlife, that transforms the task of secure delivery and management of digital payload. Its mission is to optimize efficiency for a sustainable and harmonious society. To learn more about Rypplzz, visit https://rypplzz.com/
Thomas Carter DealBox, Inc. Thomas(at)dlbx.io
Source: Total network service