Wirex and Elliptic team up to reduce cryptocurrency fraud

 Wirex and Elliptic have strengthened their collaboration in order to reduce the risk of cryptocurrency fraud and money laundering. The new remit solidifies the relationship between the two companies as Wirex becomes Elliptic's first partners to proactively contribute data on fraudulent accounts. Borderless payments platform Wirex and Elliptic, the leading cryptocurrency compliance provider, have been working together since 2016 to help counter and prevent money laundering and other illicit uses of cryptocurrency. Users of Elliptic software will benefit from this enhanced collaboration as Wirex red-flags wallet addresses associated with illegal and suspect activity. This paves the way for a new data model built on industry-wide collaboration and best practice, ultimately reducing the risk of fraud and promoting the benefits of cryptocurrencies to a wide audience.

Wirex offers consumers and businesses secure, multi-currency accounts to manage digital and traditional currencies, make fast and efficient domestic and international payments and spend cryptocurrency in day-to-day life using the Wirex Visa card. By bridging the gap between digital and conventional payments, Wirex is able to identify fiat-based financial crimes, such as stolen credit card details, that ultimately lead to cryptocurrency wallet addresses being used for money laundering. Fraudulent or suspicious behaviours are now fed directly into Elliptic's dataset of high-risk actors in cryptocurrency.

Elliptic has assessed risks for transactions worth several trillion dollars, enabling cryptocurrency exchanges, brokers, banks and other financial institutions across the world to prevent illicit activity and provide secure and trusted services.