Dunamu, a blockchain and fintech specialist company, announced that its Artificial Intelligence (AI)-based real-time Fraud Detection System (FDS) has successfully prevented over KRW 120 billion in cumulative cryptocurrency-related crimes, thereby safeguarding user assets from potential damage. The system operates by analyzing users’ transaction histories to identify and block abnormal patterns. Financial institutions such as banks, securities firms, and cryptocurrency exchanges are adopting FDS to counter sophisticated cyber threats, with Upbit taking it a step further by applying machine learning technology to monitor and analyze every deposit and withdrawal attempt in real-time, detecting new types of suspicious transactions.
Notably, Upbit’s FDS has recently thwarted asset theft by detecting abnormal transaction patterns in the account of a high-net-worth individual serving in the military. Even when attackers attempt to hijack user accounts, Upbit’s real-time monitoring system quickly detects and neutralizes such threats. Dunamu supports users with a ‘lock account’ service, which allows for quick response when account access is difficult or suspected of being compromised due to military enlistment or long-term overseas travel. This service can be requested through Upbit’s dedicated call center, providing immediate assistance when withdrawal requests are received.
Dunamu continues to work in close cooperation with banks and law enforcement to block cryptocurrency crimes, taking proactive measures against suspicious accounts to prevent damage. Upbit’s FDS monitors all transactions around the clock, updating its system continuously to reflect the patterns of attacks detected in the morning in real-time inspections in the afternoon, striving to provide the safest possible trading environment.
