Exposing a Gap in the Blockchain Economy – Even Security Guards Need Security
Blockchain has made a name for itself by bringing a near fool-proof level of verification to the age of the internet. This is due to the unique way blockchain stores data: Essentially, each new block of data connects to all the blocks before it in a cryptographic chain in such a way that it’s essentially impossible to tamper with. All transactions within the blocks are validated and agreed upon by a consensus mechanism amongst the entire network, ensuring that each transaction is verified and correct.
All of this is true and has stood the test of time thus far. Blockchain has created an impenetrable fortress around the trading of digital currencies and assets, and because of this, trillions of dollars have been traded in this emerging economy. That being said, security is only as valuable as its weakest link. You can fortify your house all you want, when someone has the key to your front door, they’ll walk right in.
In the first six months of 2021 there was a reported 700% increase in SMS phishing compared to the year before. According to a recent Coinbase Security Team article, financial fraud using smishing, a form of phishing that uses mobile phones as the attack platform, is now one of the most used cyber-attacks against cryptocurrency traders. The decentralized nature of blockchain transactions is both its greatest strength and biggest threat in this way. Since there is no governing entity who can reverse a crypto transaction once it has been recorded on chain, malicious actors see this as a prime target for all kinds of phishing attempts to get access to your private key or trading account. With the rapid global adoption of crypto and NFTs we will certainly continue to see an uptick in phone number spoofing and fake 2FA messages.
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With this in mind there is a pertinent need for a security solution that will detect and stop phishing threats before they have the chance to succeed. Thankfully Total Network Services (TNS), Rypplzz and Forward Edge-AI have partnered to bring Gabriel Crypto to the international marketplace. Gabriel Crypto is a revolutionary smartphone security solution that combines Swarm Intelligence, Machine Learning, AI, Natural Language Processing, Tokenized Mobile Equipment Identifiers (E-MEIDs) with patented geospatial intelligence, an Encrypted Blockchain Database, and $DigitalNames into an easy-to-use smartphone defense system.
Originally developed under a National Science Foundation (NSF), Small Business Innovation Research (SBIR) grant, Gabriel was developed to protect consumers against vishing (phishing attacks that involve the use of voice calls) and smishing attacks by Crowdsourcing intelligence, to quickly identify and block dangerous voice calls and text messages. Forward Edge-AI recently partnered with TNS who brings to Gabriel Crypto two of their solutions, $DigitalNames and E-MEID. $DigitalNames provides an alias for public keys to deliver triple factor authentication for every wallet transaction to ensure user information is protected. The E-MEID, powered with patented technology from Rypplzz, records the wireless device’s MEID on a blockchain to create a cryptographically protected immutable record of device software and user licensing.
E-MEID also alerts users of any relevant National Vulnerability Database (NVD) entry. NVD data enables automation of vulnerability management, security measurement, and compliance. Finally, the E-MEID solution provides advanced geolocation data and supply chain management capabilities, via Rypplzz’s Interlife platform, which can dramatically improve security measures and provide near-real-time operational options based on the location of the associated asset.
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Forward Edge-AI was recently approved by an independent third-party risk management and due diligence assessment created by TruSight Solution. TruSight is the best practices third-party assessment service created by leading industry participants for the collective benefit of all financial institutions, their suppliers, partners, and other third parties. Its founders include Wells Fargo, JPMorgan Chase, Bank of America, American Express and BNY Mellon.
Eric Adolphe, Forward Edge-AI’s Chief Executive Officer, stated, “I am pleased to announce that Total Network Services has joined the Gabriel Zero-Day Scam detection ecosystem.” Through its integration with TNS, Gabriel is able to offer an enhanced solution to detect, block, and report smishing attacks in 25 languages. With Purple Alerts, app users are notified in real-time when it is intelligently detected they are engaging with a scammer by voice or through text messaging. Through the integration with TNS, Gabriel Crypto app users can earn cryptocurrency by participating in a gamified experience that helps to deepen Gabriel security by crowdsourcing intelligence.
Kevin L. Jackson, TNS Senior Vice President sees this as a new and revolutionary cybersecurity step forward. “Gabriel Crypto applies artificial intelligence, machine learning, and crowdsourced intelligence to the protection of cryptocurrency and crypto securities communications and transactions. This cyber-defense advance is a critical need across the new decentralized finance environment.”
Josh Pendrick, Rypplzz’s Chief Executive Officer, commented, “this is a first step towards not only securing the supply chain assets that hold our society together, but to dramatically reduce complexity and improve efficiency in global supply chain resource management.”
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