Fordefi Launches Transaction Risk Alerts on Browser Extension
We are excited to announce the launch of our Transaction Risk Alerts. This feature continues to demonstrate our focus and prioritization on DeFi security, empowering institutions to proactively protect themselves against malicious attacks. Fordefi is proud to offer a comprehensive wallet-native risk alert feature for institutions – bringing a new level of visibility into DeFi transactions that has never been seen before.
Risk Alerts work at the time of transaction on Fordefi’s wallet browser extension, alerting you of potential address discrepancies, unlimited allowances, unverified contracts, and more.
Transaction Risk Signals
Currently our Transaction Risk Alerts includes a total of 6 risk signals. Our team is actively working to add new risk signals into our roadmap.
- Allowances on EOA (externally owned accounts) addresses
- First interaction with a smart contract from the organization or vault
- Unlimited allowance
- Unlimited approvals
- Unverified contracts
- Domain blacklisting - coming soon!
Transaction Visibility and Security Go Hand-In-Hand
New phishing scams are popping up daily in DeFi, wreaking havoc on adoption and trust. Just last week, while testing bridging transactions on our platform, our in-house team came across a sophisticated phishing scam that had claimed the assets of over 150 people. Our team was alerted with 2 risk signals, one the receiving address for the bridge attempt was an EOA address and two, it was the first time we’ve ever interacted with this address. This red flag enabled our team to investigate the alert and identify the scam in full detail – for more on this scam, check out our last blog: Deep Dive into the Synapse Bridge Phishing Scam.
With Fordefi’s Transaction Risk Alerts, we’re providing a higher level of visibility into each transaction so that you’re in full control of your DeFi transactions. For institutions interacting in DeFi, security is the number one priority. At Fordefi, we believe that transaction visibility and security go hand-in-hand. Fordefi’s mission is to enable institutions to securely hold digital assets and safely transact in DeFi. We’re committed to setting new security standards and building a safer DeFi ecosystem.
Fordefi’s MPC wallet platform and web3 gateway enables institutions to seamlessly connect to dApps across networks, while keeping digital assets secure. Fordefi is the first institutional wallet and security platform purpose-built for DeFi. Fordefi was founded in 2021 by crypto custody and cybersecurity experts, and designed in close collaboration with crypto industry-leading trading firms, funds and custodians.