This is achieved by integrating Forta’s real-time threat intelligence with FailSafe’s automated incident response system. Smart Mode monitors and analyzes blockchain transactions in real time, allowing FailSafe to proactively protect digital assets from malicious activity.

Understanding FailSafe’s Modes: Safe Mode and Smart Mode

FailSafe’s Safe Mode is the default mode that captures all transactions that involve FailSafe-protected assets. On the other hand, the Smart Mode is designed for users who intentionally transact or experience high-frequency activity. It includes trading desks, to ensure their protection by only intercepting transactions with high-risk counterparties. FailSafe collaborates with Forta’s Scam Detector to provide real-time threat intelligence about smart contracts and EOAs that engage in scams and other end-user attacks, allowing the system to accurately determine risk.

How Scam Detector Works

The Scam Detector is powered by an array of key Forta bots, each designed to track particular types of threats. These bots have been programmed to monitor for ice phishing, address poisoning, rake tokens, token impersonation, fraudulent NFT orders, pig butchering, gas minting, sleep minting, hard rug pulls, soft rug pulls, and wash trading.

In addition, the Detector uses brand-new predictive techniques to identify on-chain addresses that are linked to known scammers, as well as contracts that closely resemble those used by known scammers.

1. The Scam Detector receives notifications from a group of basic bots, such as alerts regarding phishing attacks linked to a specific address.
2. The incoming alerts are processed, and labels are created (for example label: Address 0x123 receives a scammer label).
3. Labels are stored permanently on Forta Network and FailSafe’s Redis cache, providing scalability and low latency for effective action.
4. FailSafe checks the threat intelligence database for potential risk when it detects a FailSafe-protected address in a transaction.
5. FailSafe promptly halts and diverts specified assets to the user’s Recovery Vault if a high-risk counterparty is detected during a pending transaction.

FailSafe aims to provide a marketplace for the Forta Network contributors, offering configurable alerts and attacks to end-users.

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The new pilot program is a collaboration with GrabDefence, a proprietary anti-fraud SaaS solution from Southeast Asian superapp Grab. Eleos Labs is leveraging its experience dealing with cybercriminals and money laundering syndicates in Web2 to deploy battle-tested services that protect users from stolen private keys, smart contract hacks, and exploited unlimited ERC-20 approvals.

The “not your keys, not your crypto” ethos prevalent in Web3 is a double-edged sword when it comes to security. Last year saw $3.8 billion of crypto lost to theft and another $5.9 billion to scams, according to Crypto Crime Report by Chainalysis. Because the great power of self-custodying one’s own assets comes with an equally great responsibility, every bit of help counts when it comes to being safe online.

FailSafe is designed to ensure that digital assets owned by platforms and their end users are protected against malicious attacks. The solution adopts a defense-in-depth approach that secures assets through multiple layers of security: real-time detection of security risks, reduction of attack surface area and interception of malicious transactions. When a threat is detected, FailSafe swiftly intercepts malicious transactions and ensures assets are moved to safety.

About Eleos Labs

Eleos Labs​ represents a team of cybersecurity experts powering a suite of state-of-the-art security tools designed to enhance the safety of Web3. They are deeply passionate about developing security solutions that can help to create a safer and more secure environment for the growing Internet of Value. This refers to the growing trend of using blockchain technology and digital currencies to facilitate transactions and transfer value in a decentralised manner, aka Web3.

SOURCE:

https://polygon.technology/blog/eleos-labs-brings-failsafe-anti-theft-and-fraud-detection-solutions-to-polygon?utm_source=eleos-blog&utm_medium=blog

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