Coinbase introduced a new line of products to combat cryptocurrency fraud – Bits Media

The Coinbase exchange introduced a new line of Coinbase Intelligence, which includes a tool for tracking and identifying transactions (KYT), as well as updates to the Coinbase Analytics product.

As reported in the article in the company's blog, Coinbase KYT will allow third party companies detect cryptocurrency transactions, related activities. Using the API, exchange clients will be able to track such transactions in real time, at the same time, a special scoring system will assign a certain “risk level” to operations.

The Coinbase Analytics product was previously used within the exchange. but, now it has been updated, renamed Coinbase Tracer and provided access to it to third parties. Coinbase Tracer will reduce the risks of fraud and more thoroughly track the movement of funds.

"We've also updated the user interface, to make it more friendly, attractive and consistent in design with other Coinbase products", – noted in the article.

In mid-April, the Bank of Russia reported, that the number of financial pyramids using cryptocurrencies has increased in the country. If in 2019 year in the country it was recorded 237 Ponzi scheme, then in 2021 year - already 871, of which more than half (460) related to digital assets.